Engelstoft: Divestment a major step in new strategy

The sale of the Maersk Tankers VLCC flet means that the Maersk Group's invested capital in tankers has been reduced significantly in 2013, but CEO Morten Engelstoft is taciturn about what the proceeds from the VLCC sale will be used for.

BY OLE ANDERSEN

Morten Engelstoft, CEO of A.P. Moeller-Maersk's new and fifth core business unit, Services & Other Shipping, including Maersk Tankers, tells ShippingWatch that the sale of the carrier's VLCC fleet - with a total of 15 ships - is a "major step" in the new strategy to focus on product tank going forward.

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