AP Moller-Maersk looks beyond shipping to offset losses

CEO Nils Smedegaard Andersen in an interview with London’s Financial Times said that the company would be targeting spending on its oil and gas business, its container-handling terminals and on retailing. AP Moller-Maersk may also consider selling off distressed assets, he said.

AP Moller-Maersk owns 67.7% of the company running Fotex and Netto Supermarkets and has a 37.7% share in two departmental stores.

The company faces the prospect of a loss for the first time in its 105 year history as a result of the losses at Maersk Line and Maersk Tankers. Maersk Line itself made post-tax losses of US$1.54bn for the first nine months of 2009.