Shipping and logistics group A.P. Moller-Maersk has agreed to sell its two logistics sites in Russia to IG Finance Development Limited, it said on Monday, nearly marking the end of its business activities in the country.
The group said the sale of its inland depot facility in Novorossiisk, with a capacity of 1,500 containers (TEU), and a chilled and frozen warehouse in St. Petersburg had obtained regulatory approvals in the European Union and Russia.
"We are pleased to have found a new owner of our two logistics sites in Russia and thereby execute on our decision to divest all our assets in the country," chief commercial officer Karsten Kildahl said in a statement.
IG Finance Development, a company registered in Cyprus, has made an agreement with Arosa, a large food importer in Russia, to operate the sites, Maersk said.
Maersk still needs to sell four tug boats under its Svitzer brand, a process that is ongoing, a spokesperson told Reuters. After that, Maersk will not have any business in Russia.
In August last year, Maersk sold a 30.75% stake in Russian port operator Global Ports Investments to Russia's largest container operator Delo Group.
Earlier this month, the shipping group reported fourth-quarter earnings slightly below expectations, and forecast a 2023 core profit significantly below last year's following as decline in volumes and freight rates.
The company said in a statement it expected underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) between $8 billion (€7.5 billion) and $11 billion (€10.2 billion) this year, compared with $36.8 billion (€34.3 billion) last year.
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