Maersk prepares to spin off Svitzer subsidiary

Maersk has signed a plan for the spin-off of its subsidiary Svitzer, a leading towing boat operator, with the announcement shared in a stock exchange notification. Already known since February 8th when the annual report was published, Svitzer will become an independent publicly traded company by the end of April, with April 30th as the first trading day. Current Maersk shareholders will receive shares in the Svitzer Group, the parent company of Svitzer. With a presence in 141 ports across 37 countries and a fleet of 456 ships, Svitzer’s latest revenue approached roughly 5.8 billion Danish kroner and is expected to grow this year. CEO Kasper Nilaus stated that the IPO will help the company expand, win new contracts, and reach more ports, leveraging its strong brand since 1833. The tugboat industry is known for its fragmentation, with many small operators worldwide.