In a bid to adjust the capital structure of its company, Maersk is to opt into a second US$1 billion share buyback programme, which will be implemented over the next 12 months, according to World Maritime News.
This move follows the release of Maersk’s Q2 financial results, where its quarterly profit was $500 million lower than the previous period as a result of lower oil prices and lower average freight rates.
Commenting on the financial result, Soren Skou, CEO of Maersk Line, said: “We have built a business which remains profitable despite fierce competition, falling rates and wavering demand. Driven by our low cost position, we continue to lead the industry on profit and margins.
“I am convinced we can do more and in the coming years grow our business at least in line with the market. We have the people and we have the assets. Most importantly, we continue to improve and deliver the services our customers want.”
Maersk is said to be in the process of appointing a bank to begin buying shares for the company.
The share buy-back will then be carried in a number of phases. The first is to begin from September 1 to November 30, 2015.
