Maersk bets on cold storage to boost land transportation business [Reuters]
KUEHNE&NAGEL INT UNSP/ADR (KHNGY)
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Source: Reuters
Maersk bets on cold storage to boost land transportation business COPENHAGEN (Reuters) - Maersk ( MAERSKb.CO ), the world’s biggest shipping company, plans to focus on premium services such as cold storage and digital solutions to avoid competing with its own freight-forwarding clients as it expands in the land transportation business. Since announcing a new strategy in 2016, which included selling its oil and gas business, Maersk has focused less on market share and more on profitability and cost-cutting in its container and logistics business. It now hopes to see its terminal and inland logistics operations, the non-Ocean business, make up a bigger part of its future earnings. In 2018, the ocean transport business accounted for almost 80% of core earnings. While Maersk moves around one in five containers shipped at sea, it handles land transportation from ports to warehouses and distribution centers for less than a quarter of its customers. Speaking to reporters on Monday, chief e
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