A.P. Moeller-Maersk, the owner of Maersk Line, the world’s largest container shipping line, will stop ordering newly-built vessels and instead pursue takeovers.
This in an industry that has been plagued by overcapacity for almost a decade.
The company “is done with ordering new steel,” chairman Michael Pram Rasmussen told the financial software, data, and media company Bloomberg.
“If Maersk Line needs to grow, it doesn’t make sense to order new ships as there are already too many ships in the market,” he added. “So if we want to grow, we need to do it through acquisitions so that we don’t flood the market with more ships.”
