Maersk commences $2bn share buyback program

Cash-rich Maersk revealed yesterday it has started a 12-month share buyback program of up to DKK14.4bn ($2.01bn).

The purpose of the program is to adjust the capital structure of the company ultimately through the cancellation of shares repurchased, Maersk stated in a release. 

The Danish liner is nearing the end of its first week in a new alliance, launching the Gemini Cooperation with Hapag-Lloyd covering the main east-west trades. The ambition is to deliver a flexible and interconnected ocean network with industry-leading schedule reliability above 90% once fully phased in.