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Maersk Oil Sale Approved

The sale of Maersk Group’s oil business to oil giant Total S.A. has been approved by the Danish Energy Agency.

The sale consists of a USD 7.45 billion combined share and debt transaction with minimal pre-conditions. Maersk will focus on the transport and logistics side of its business. The future of Maersk Drilling and Maersk Supply Service is yet to be determined.

Maersk Group is transforming from a conglomerate to an integrated global container shipper. In a statement, the company wrote:  “The Danish Energy Agency’s approval of the transfer contains conditions, including that A.P. Moller – Maersk, as seller, assumes a secondary liability for the decommissioning of existing Danish offshore facilities corresponding to Maersk Oil’s 31.2 pct interest in the Danish Underground Consortium, should Total be unable to cover such costs.”

Maersk’s financial guidance for the year 2018 remains unchanged.

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Eimskip On The Rise

Icelandic shipper Eimskip has reported record volumes, revenue and EBITDA for 2017.

Despite a 7% rise in EBITDA and a 29.2% rise in revenue, the company took in a smaller net income than in 2016. This was due to unfavorable currency exchange trends.

“The year 2017 can be described as “the year of growth” for Eimskip, where volume, revenue and EBITDA were record high. The year was great for the forwarding segment, with new companies added to the group and solid organic growth. The company faced some operational challenges in the liner segment, like the fishermen strike at the beginning of the year and the volume imbalance between imports and exports in Iceland that reached an all-time high, negatively affecting the EBITDA margin,” Gylfi Sigfússon, President and CEO, stated.

Eimskip plans to continue growing and sees an increased importance in their forwarding business. It has reached a major goal when it added a weekly service on all routes, including North America and Europe. 

The capacity of its container liner system grew by 35%. The vessel sharing agreement with Royal Arctic Line should start in 2019. The carbon footprint has been reduced by 12.3% over the past 2 years. 

Eimskip has a fleet of 22 vessels.