Wednesday, August 19, 2009

Maersk rumours

The Chief Executive at Maersk spoke with a German newspaper this week... it then got picked up by Reuters (I don't know who handled the translation)

FRANKFURT (Reuters) - Danish shipping and energy group A.P. Moller-Maersk (MAERSKb.CO) would consider takeovers of insolvent competitors or of individual freighters as these are the cheapest options to expand during the economic crisis, its chief executive told a German magazine.

click here for complete article

Apparently this set the rumor machine in motion, which required some clarification.

This from American Shipper

Maersk considers acquisitions, but not now

A.P. Moller - Maersk Group’s chief executive said the company is pondering acquisitions of competitors as a way to capitalize during the economic crisis.
Nils Andersen said the company is investing in its networks to growth markets in Africa and South America, according to an article in the German magazine WirtschaftsWoche, as reported by Reuters.
A Maersk spokesman told American Shipper Monday that the quotes from the German magazine were correct, but that Andersen emphasized during the interview that Maersk is not looking for any acquisitions right now.

I am sure they think we have not yet hit bottom. Give it another 6 months.

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