AP MOLLER Holding has announced plans to buy all shares in tug operator Svitzer and take it private.

Svitzer demerged from Maersk in April 2024 and subsequently listed on Nasdaq Copenhagen.

But APM said the listing had not delivered “expected investor interest” nor a “desired platform for growth”.

Chief financial officer Martin Larsen said the company “has consistently delivered results above expectations” since it went public.

“However, we have not seen this reflected in the valuation of the share, which means that the listing has not offered a foundation from which Svitzer can grow.

“We therefore believe that Svitzer is better supported through private ownership and that, with the financial support of AP Moller, the company will be better positioned to strengthen its market position and capitalise on the opportunities in the market,” he said.

APM already owns 47% of Svitzer shares and has offered DKK285 ($27.30) per share, which it says is a 31.7% premium on the closing price on April 1, 2025. That would see Svitzer valued at around $1.3bn.

Larsen said the offer price was “well above current trading” and reflected Svitzer’s strong performance.

If APM manages to acquire the 90% of shares needed to effect a compulsory purchase of the remaining 10%, it will delist Svitzer just a year after it went public.

The Danish tug operator was acquired by Maersk in 1979 and offers tug services in more than 141 ports in 37 countries.

Chief executive Kasper Nilaus told Lloyd’s List in February 2024 that the company had enjoyed being owned by Maersk, but was “ready to stand on our own two feet”.

“We did that for more than 100 years and are ready to do it again.”