Shares of tug owner Svitzer have started trading on the Nasdaq Copenhagen exchange in Denmark and this marks a new chapter in the company’s 191 years history.
The first day of trading for Svitzer shares was on 30 April 2024. At 9am Copenhagen time, Svitzer was admitted to trading and officially listed on Nasdaq Copenhagen.
The demerger from Maersk and listing on Nasdaq Copenhagen reflects a natural next chapter for Svitzer, which has established itself as a globally recognised leader in the towage and marine services sector after 45 years as part of A.P. Moller-Maersk.
To remind, at an extraordinary general meeting in Copenhagen on April 26 shareholders in A.P. Møller – Mærsk A/S have voted in favour of the proposal for a demerger of Svitzer from Maersk.
Svitzer has been part of the Maersk Group of companies for more than 40 years. In 1979, Maersk became a majority shareholder of Svitzer and acquired it shortly after.
“Today is a landmark event in Svitzer’s 190 years’ history as the company returns to its former status as stand-alone company with the best possible outset for delivering value to customers, investors and other stakeholders,” said Morten H. Engelstoft, chairman of Svitzer’s board of directors.
Svitzer will continue to be headquartered in Copenhagen and operate under the same Svitzer name.
“The separation from APMM and separate listing of Svitzer on Nasdaq Copenhagen provides a solid platform for us to continue executing on our strategy and building our position in the market in the years to come,” highlighted Kasper Friis Nilaus, Svitzer chief executive.
“We are excited and fully ready to become a stand-alone, listed company, offering investors the opportunity to invest in a leading global towage and marine services provider with a strong, steadily performing underlying business and continued growth ambitions.”
Kasper Friis Nilaus, chief executive commenting on the listing, pointed out: “Every 3-4 minutes, somewhere in the world a ship relies on Svitzer for safe and reliable towage – be it in a busy harbour port, or essential terminal operation.
“We know our strength is based on the support of our valued customers and the expertise and professionalism of our people, and this moment is a testament to their contribution in our company’s strength today.”
Nilaus added: “We are excited about this next chapter and significantly the value we can offer our customers, investors, and other stakeholders as a stand-alone company.
“In particular, the innovation and excellence we can drive in the sector, helping customers in meeting government and regulatory decarbonisation obligations, whilst maintaining safe and reliable shipping and port operations.”
