Danish shipping giant A.P. Moller – Maersk (Maersk) has sold its logistics sites in Russia to IG Finance Development Limited.
The news comes as a result of the company’s decision to discontinue its operations in the country amid the ongoing conflict in Ukraine.
The transaction has been approved by both Russian and EU regulatory authorities, and it is effective from 17 February 2023.
“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,” said Karsten Kildahl, Chief Commercial Officer of Maersk.
“Throughout the divestment process, we have as a company felt a strong responsibility towards the remaining 50 employees at the two sites, and we are happy that they will be offered employment as part of the new setup.”
READ: Maersk to sell stake in Russian operator Global Ports Group
The two sites being divested are located in St. Petersburg and Novorossiysk.
The facility in Novorossiysk has a total area of 28,750 square metres and a capacity of 1,500 containers. It specialises in handling commercial cargo such as grains from railway wagons to sea containers.
The chilled and frozen warehouse in St. Petersburg is a 23,500 square metres facility established in 2020.
IG Finance Development Limited has already secured an agreement with Arosa, one of Russia’s largest food importers, to operate the two facilities.
Maersk expects an abrupt decline from booming profits in 2022 as the container shipping bull run comes to an end.
Revenue in 2022 increased by 32 per cent to $81.5 billion, while EBIT (operating profit) soared to $30.9 billion, or 57 per cent year-on-year.