Maersk sells its car carriers

The Copenhagen-based AP Moller-Maersk is to dispose of its car-carrying ships to Norway?s Höegh Autoliners in the latest restructuring move. The move will help Höegh in its efforts to expand its fleet to compete with other large operators of car-carrying ships.

In return for its 12 existing vessels and six new buildings currently under construction, Maersk will take a 37.5% stake in Höegh Autoliners who will continue to be controlled by privately-held, Oslo-based Leif Höegh & Company, which also operates LNG carriers.

The deal, which has been backdated to take effect from 1 January, follows a co-operation agreement last year under which Maersk handed operation of its car-carrier fleet to Höegh. The Norwegian company now controls a fleet of around 67 car carriers out of a total world fleet of a little over 500.

Maersk Line, which is the world?s largest operator of container ships, has been gradually shedding businesses not core to its container shipping and oil production businesses over the last 10 years. The divestments have included the airline Maersk Air and the dry bulk shipping operations. Nils Andersen, who took over as only the fourth chief executive in Maersk?s 104-year history in November, has said a turnaround at Maersk Line, currently operating at a loss, is his top priority.