COPENHAGEN, Feb 19 (Reuters) – Danish shipping group A.P. Moller-Maersk said on Wednesday it had agreed to buy U.S. warehousing and distribution firm Performance Team as part of plans to deliver more customised logistics solutions.
Maersk said the the value of the deal is $545 million, including lease liabilities of around $225 million.
The world’s largest container shipping firm aims to boost its earnings from its inland logistics operations, or non-ocean business. In 2018, the ocean transport business accounted for almost 80% of core earnings.
“This will strengthen our ability to deliver products and solutions that meet our customers’ end-to-end supply chain needs,” Vincent Clerc, chief executive of Ocean & Logistics at Maersk said in a statement.
While Maersk moves around one in five containers shipped at sea, it handles land transportation from ports to warehouses and distribution centres for less than a quarter of its customers. (Reporting by Stine Jacobsen. Editing by Jane Merriman)
(c) Copyright Thomson Reuters 2019.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Deal adds four modern crude tankers as International Seaways reports sharply higher spot earnings entering the fourth quarter. International Seaways has agreed to acquire Oslo-listed Bruton Limited in a deal...
A new study from the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping finds that ethanol could become a practical alternative fuel for ships, particularly those already equipped with methanol-capable...
A.P. Moller-Maersk has bunkered one of its dual-fuel containerships with 100% U.S.-produced corn ethanol, marking what the company says is the first ship-to-ship commercial ethanol bunkering of a deep-sea container...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
