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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  AP Moller-Maersk    MAERSK B   DK0010244508

AP MOLLER-MAERSK (MAERSK B)
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Maersk latest company to shun Iran as EU scrambles to save nuclear deal

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05/17/2018 | 12:07pm CEST
FILE PHOTO: The Maersk ship Adrian Maersk is seen as it departs from New York Harbor

COPENHAGEN (Reuters) - Shipping group A.P. Moller-Maersk on Thursday joined a growing list of companies preparing to call a halt to doing business with Iran, casting doubts on whether European leaders can keep alive a nuclear deal with Tehran.

Maersk's move comes a day after French energy group Total and other European companies signalled they could exit Iran ahead of a reimposition of sanctions following the United States' decision to pull out of the Iran accord.

French President Emmanuel Macron said on Thursday that the European Union must protect European Union companies doing business with Iran from U.S. sanctions.

But Macron, joining EU leaders for a summit in Bulgaria, also said he recognised that big companies would want to protect their own interests.

"International companies with interests in many countries make their own choices according to their own interests. They should continue to have this freedom," he said.

U.S. President Donald Trump's decision to abandon the 2015 nuclear accord with Iran means European countries that have since invested in the country will be at risk once new sanctions come into effect.

Maersk Chief Executive Soren Skou said: "With the sanctions the Americans are to impose, you can't do business in Iran if you also have business in the U.S., and we have that on a large scale."

"I don't know the exact timing details, but I am certain that we're also going to shut down (in Iran)," Skou told Reuters in an interview following Maersk's first-quarter earnings.

MSC, the world's second biggest container shipping group after Maersk, said on Wednesday it would stop taking new booking for Iran.

Other companies which have warned they would wind down business in Iran following reinstated sanctions include German insurer Allianz, Siemens and Danish oil product tanker operator Maersk Tankers, previously owned by the Maersk conglomerate.

Maersk's Skou said higher oil prices which followed the U.S. withdrawal were hitting its container shipping business because of higher bunker fuel prices.

Oil prices hit their highest level since November 2014 on Thursday, with Brent crude creeping ever closer to $80 per barrel.

(Reporting by Stine Jacobsen and Jacob Gronholt-Pedersen; Editing by Jon Boyle and Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ 0.75% 196.08 Delayed Quote.0.36%
AP MOLLER-MAERSK -1.23% 9176 Delayed Quote.-14.30%
SIEMENS -0.36% 111.16 Delayed Quote.-4.40%
TOTAL -0.50% 55.3 Real-time Quote.20.73%
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Financials ($)
Sales 2018 38 552 M
EBIT 2018 779 M
Net income 2018 2 834 M
Debt 2018 10 257 M
Yield 2018 2,11%
P/E ratio 2018 17,18
P/E ratio 2019 19,79
EV / Sales 2018 1,03x
EV / Sales 2019 0,95x
Capitalization 29 453 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 1 713 $
Spread / Average Target 17%
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Managers
NameTitle
Søren Skou Chief Executive Officer
Jim Hagemann Snabe Chairman
Bhushan Ivaturi Chief Information Officer & Vice President
Ane Mærsk Mc-Kinney Uggla Vice Chairman
Jan Leschly Director
Sector and Competitors
1st jan.Capitalization (M$)
AP MOLLER-MAERSK-14.30%29 453
BOLLORÉ-16.61%13 001
HAPAG-LLOYD AG3.58%7 173
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ORIENT OVERSEAS (INTERNATIONAL) LTD-32.58%4 077
MITSUI OSK LINES LTD-12.70%3 562