A.P. Møller – Maersk A/S has sold its stake in Höegh Autoliners ASA, selling the remaining 10.48% of the company’s shares.
The deal, valued at a NOK 1,800 million, went down at NOK 90.00 per share, totaling 20 million shares in the transaction.
Maersk now officially holds no shares in Höegh Autoliners but the group is still represented on Höegh Autoliners’ Board of Directors.
The move comes at a time when the seas of the maritime industry are seeing some choppy waters, especially the container shipping sector, which is suffering from market volatility.
Maersk recently revealed it was cutting 10,000 jobs as a response to the ongoing challenges of declining freight rates and lackluster demand within the container shipping industry.
The company’s revenue for Q3 2023 was $12.1 billion compared to $22.8 billion in Q3 2022 with an EBIT margin at 4.4% impacted by lower freight rates and lower volumes.
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