Supply Chain Research

Maersk has agreed to sell its tanker operations to major shareholder A.P. Møller for $1.71 billion. APM owns 34.4% of Maersk, and the deal covers one of three businesses remaining in Maersk’s restructuring program. It only accounted for 3% of Maersk group revenues in the past year, with revenues declining in three of the past six quarters sequentially. The tanker sector more broadly has struggled recently, with 2Q revenues having fallen 6% on a year earlier, and most companies do not expect a recovery until 2018. The enterprise value for the deal is equivalent to 139% of revenues – that’...