(MENAFN) Nils Andersen, CEO of Danish oil and shipping group A.P. Moller-Maersk (Maersk), unveiled plans to concentrate on its oil business, the Financial Times reported.
He also said that the company will not invest significantly in its shipping business over the next five years.
Maersk Line, the company's container shipping unit, faced hard times with profitability because of the global economic slowdown and a glut of vessels that could intensify next year.
The subsidiary is a barometer of world trade as its fleet carries more than 15 percent of all sea-borne containers.
Maersk Line reported a third quarter profit on a recovery of container rates, after four consecutive periods of losses.
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