4381
Views

Maersk Completes Sale of Logistics Assets in Russia

Maersk divests Russian interests
Maersk sold its two logistics sites in Russia after selling its interest in the container terminal operations last year (St. Petersburg file photo)

Published Feb 20, 2023 3:48 PM by The Maritime Executive

A.P. Moller - Maersk has completed the sale of the last of its land-based assets in Russia as part of its commitment announced 11 months ago to end its business in the country. The shipping and logistics giant joined with many other western companies even before the imposition of many of the sanctions in committing to end its business interests in Russia due to the invasion of Ukraine.

In the latest transaction, Maersk has divested its logistics sites located in St. Petersburg and the inland port at Novorossiysk. The operation in St. Petersburg consisted of a single, 23,500 m2 chilled and frozen warehouse that had been established in 2020. The inland depot in Novorossiysk is a facility of 28,750 m2 with a capacity of 1,500 TEU. It specializes in handling commercial cargo such as grains from railway wagons to sea containers.

Maersk sold the two facilities to IG Finance Development Limited, a company reportedly based in Cyprus. Arosa, a large food importer in Russia, will operate the sites in St. Petersburg and Novorossiysk, and Maersk’s 50 remaining employees will be offered employment as part of the new setup.

The transaction closed on February 17 after all the necessary approvals had been received. The transaction obtained the needed regulatory approvals in the EU and Russia.

Maersk reported last spring that it would discontinue transporting containers and stop its Russian port calls as well as selling its various business interests in the country. A spokesperson told Reuters that the process is ongoing for the final piece of the business, Svitzer’s tug operation, which includes four vessels in Russia.

Last August, the company agreed with Russia’s Delo Group to divest its investment in Russia’s largest container terminal operator, a position it had held for a decade in Global Ports Investments. That company operates six terminals in Russia, including the Saint Petersburg container terminal, which is one of the largest in Russia, as well as terminals in Finland. Maersk structured the deal so that APMT could e-enter the partnership with Delo in the future.