(Bloomberg) --
A.P. Moller-Maersk A/S, the Danish transport giant, will sell its holdings in Russian ports due to the war in Ukraine.
Maersk plans to divest its 30.75% stake in Global Ports Investments, which controls six terminals in Russia and two in Finland, the Copenhagen-based company said in an emailed statement on Friday.
“We have today informed our joint venture partners and GPI that we wish to take steps to divest our shares following the invasion of Ukraine and the operational challenges,” Maersk said. It didn’t identify a potential buyer.
The planned sale is the latest measure the Danish company is taking in response to the war. Maersk earlier this month stopped taking new orders to and from Russia and also dropped all intercontinental rail bookings between Asia and Europe.
Global Ports has five terminals in the St. Petersburg area in the west of Russia and one, Vostochny, in the east.
Maersk has said the war is starting to indirectly affect global trade patterns, causing delays and thereby stressing supply chains which still haven’t recovered from imbalances caused by the pandemic.
Maersk controls about 17% of the world’s container vessels and operates about 75 ports and terminals in 42 countries. Its growth strategy is to focus expansions on land-based logistics where profit margins typically are higher.
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