Maersk to completely quit doing business in Russia and Belarus

Maersk said earlier this week it completed its last cargo operation in a Russian port, and that it took a financial hit $718 million in the first quarter from repercussions of Russia's invasion of Ukraine.

PHOTO: Maersk to stop doing business with Russia and Belarus. Maersk

A.P. Moller-Maersk announced that it will completely withdraw from doing business in both Russia and and its ally Belarus. The company seeks to disinvest from its stake in Global Ports Investment, which operates six terminals in Russia and two in Finland.

In its first quarter report, Maersk also said its bunker cost increased by 51% on the year, with an average price of $611/mt paid in the first quarter. Higher container handling costs due to port congestions has led to an increase in working cost, it said.

Maersk has placed order for 12 methanol-powered ships and plans to deploy them by 2024. The company aims to be net-zero by 2040.