AP Moller-Maersk subsidiary APM Terminals (APMT) has sold its stake in Global Ports Investments (GPI), the leading Russian operator of container ship terminals
In a move announced in March 2022, APM Terminals entered into an agreement to divest its 30.75% stake in GPI to investment partner Delo Group, which calls itself the largest Russian private holdings company for logistics and freight forwarding.
“The transaction has been undertaken on an arm’s length basis and includes an ability for APMT to re-enter the partnership with Delo in the future,” a statement from Maersk said.
“With the divestment of its shares in GPI, APMT will no longer be involved in any entities operating in Russia or own any assets it the country. The transfer of share ownership takes place after regulatory approvals have been obtained,” Maersk said.
15 March
GPI has revealed that APM Terminals intends to divest its considerable stake in the company.
APM Terminals, a unit of Danish container shipping giant AP Møller–Mærsk holds 30.75% of the shares in Global Ports. The 30.75% stake makes APM the joint-largest stakeholder in Global Ports, along with Russian transport and logistics holding company Delo Group.
APM Terminals will continue to be represented on the Board of Directors and fulfil its obligations towards Global Ports until the divestment has been completed.
Global Ports, which owns and operates marine terminals in Russia and Finland, is listed on the London Stock Exchange but trading of the company’s global depositary receipts was suspended on 3 March alongside other Russian stocks due to the ongoing war in Ukraine.
Maersk and other major carriers have suspended bookings from and to Russia.
In related news, the International Association of Classification Societies (IACS) announced the Russian Maritime Register of Shipping will be removed as a member of the IACS.
IACS noted that sanctions imposed by the UK where IACS is domiciled led the body to begin an evaluation into the Russian Maritime Register’s membership of IACS.
In a statement, IACS said, “The IACS Council has agreed the Russian Maritime Register of Shipping’s ongoing membership of IACS is no longer tenable. As such, and under the terms of its charter which requires agreement from 75% or more of its members, IACS Council has therefore adopted a resolution that the Russian Maritime Register of Shipping’s membership of IACS is withdrawn with immediate effect.”
“IACS deeply regrets the circumstances that have resulted in this decision and hopes that hostilities in Ukraine will cease as soon as possible, and peace will return to the region.”
