Maersk plans to trim capital spending
[2008-12-23 16:55:55]
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A.P. Moller - Maersk will rein in spending due to the global economic slowdown and credit crunch.
In a letter to employees in the companys in-house magazine, Maersk Post, Chief Executive Officer Nils S. Andersen said the company must "adapt to the lack of capital. So, we have decided that we will run our business the next couple of years in a way where we do not need additional funds from banks." The company has "cut or postponed all non-committed investment proposals until we are sure that we can pay it out of our own cash flow," he said. "That gives us a low flexibility on investments in 2009-2010." The company said it will cut all unnecessary costs including traveling unless it is critical for business. It said a new strategy for minimizing travel costs by implementing seven travel agency booking centers in order to consolidate volume is expected to save the company $30 million per year. |
Source: 中国海运网
Keywords:Ports; Terminals; Logistics
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