Clerc has little room to grow other than saving money to invest in logistics and offset the pain caused by the company's ocean arm. The unit, which handles container shipping, reported a 56% drop in third-quarter sales due to a steep fall in freight rates. The decline has long been on the cards after the record pandemic years. The World Trade Organization halved its growth forecast for global goods trade this year.
JPMorgan's analysts say Maersk's shares trade 30% below what the company's assets are worth. If Clerc succeeds in expanding the logistics business, investors may begin agitating for more radical action in the future. (By Pamela Barbaglia)
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(The author is a Reuters Breakingviews columnist. The opinions expressed are their own.)
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