March 6, 2012
From today’s American Shipper (subscription required):
“The ocean carrier Maersk Line will defend an 11 percent global market share gain it achieved in 2011, even if it means continuing to lower rates in order to do so.”
This from the company who announced a Q4 loss of $483 million dollars for their liner business. Their forwarding and logistics division contributed $97 million in operating profit.
Insert comment about financial mismanagement, impropriety and figuring that they’ve got a bigger pile of money to outlast somebody else and thin the herd to make for future higher rates on reduced capacity.
Unbelievable.
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