‘Unsatisfactory’: Søren Skou’s reaction to his first Maersk quarterlies

‘Unsatisfactory’: Søren Skou’s reaction to his first Maersk quarterlies

Søren Skou has delivered his first quarterlies as the new ceo of the Maersk Group and he is clearly unhappy with the results. The Danish giant managed a net profit of $118m for the three-month period, something Skou described as “unsatisfactory”.

Skou took over from Nils S Andersen as the ceo of the group on July 1, having previously been the head of the group’s container division, Maersk Line.

Skou noted that the costs in Maersk Line have been reduced to an “all-time low level” and are under $2,000 per feu for the first time.

The group will report on a strategic review of the company next month, which some have speculated could lead to the splitting up of certain divisions.

Looking at the Maersk Line results Lars Jensen, ceo of Copnehagen-based SeaIntelligence Consulting, suggested that Maersk Line has been pursuing a policy of chasing greater global market share by taking on lower paying cargo.

“Given the volatile and commoditized nature of the main trades, it therefore cannot be ruled out that Maersk Line has been one of the drivers of the eroding rates in their (successful) pursuit of higher market share,” Jensen noted in a report today.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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1 Comment

  1. Gopal Sethi
    August 12, 2016 at 12:25 pm

    Fair comment by Lars Jens; though perhaps the observation comes in rather late!!
    “Given the volatile and commoditized nature of the main trades, it therefore cannot be ruled out that Maersk Line has been one of the drivers of the eroding rates in their (successful) pursuit of higher market share,”