The world’s biggest shipping company is taking advantage of low industry prices to build its business across units.
A.P. Moeller-Maersk A/S unveiled its latest venture on Thursday, when its APM Terminals unit said it will invest $859 million in a Moroccan port facility. That follows the closing earlier this month of the unit’s $1 billion acquisition of a Spanish rival, and an almost $1 billion deal in Mexico.
“Global trade is down at the moment, but the agreement shows the Maersk group’s strengths, that we can make long-term investments even when freight rates are challenged,” Kim Fejfer, the chief executive officer of APM Terminals, said in a phone interview. The Tangier concession will run 30 years, he said.
Maersk is going ahead with acquisitions even as its own business suffers from what analysts have described as a perfect storm, with plunging freight rates hitting its shipping business and low oil prices squeezing its exploration and drilling operations.
World’s biggest shipping company pours billions into market rout