AP Moller-Maersk has agreed to sell its two logistics sites in Russia to IG Finance Development Limited, the company has confirmed.
Maersk said the divestment of the two sites was a consequence of the company’s decision made in March 2022 to discontinue activities in Russia.
The inland depot in Novorossiysk is a facility of 28,750 sq metres with a capacity of 1,500 teu and specialises in handling commercial cargo such as grains from railway wagons to sea containers.
The chilled and frozen warehouse in St Petersburg is a 23,500 sq metres facility established in 2020.
Maersk said the company had now obtained approvals from the European Union and Russia to proceed with the divestment.
As no further approvals are needed, the divestment is closed and effective as of 17 February 2023, it added.
IG Finance Development Limited has made an agreement with Arosa, a large food importer in Russia, to operate the sites in St Petersburg and Novorossiysk, Maersk said.
“We are pleased to have found a new owner of our two logistics sites in Russia and thereby execute on our decision to divest all our assets in the country,” Maersk chief commercial officer Karsten Kildahl said.
“Throughout the divestment process, we have as a company felt a strong responsibility towards the remaining 50 employees at the two sites, and we are happy that they will be offered employment as part of the new setup.”
Maersk’s towage division Svitzer still has an operation in Russia providing towage services to the Sakhalin-II oil and liquefied natural gas project.
The shipowner has previously said that the process to exit the operation and sell its assets, including four tugs, is ongoing.
After that, Maersk will not have any business in Russia.
In August 2022, Maersk sold a 30.75% stake in Russian port operator Global Ports Investments to Russia’s largest container operator Delo Group.
Maersk’s decision to completely withdraw from the Russian market has proved costly, with the company having to write down all of its terminal, shipping and logistics assets in the country.
In its first-quarter results in May 2022, the company put the cost at $718m with the biggest chunk of the write-downs relating to the divestment of its stake in Global Port Investment.
