A.P. Møller – Mærsk A/S is being divided into two independent divisions, an integrated Transport & Logistics division and an Energy division.

The company’s board said this will ensure a focus on driving synergies and developing new products and services in Transport & Logistics, as well as focus on separately developing structured solutions for its oil and oil-related businesses.

In June, the board had tasked the management of A.P. Møller – Mærsk A/S to perform a review focusing on the strategic and structural options for the Maersk Group with the objective of generating growth, increasing agilities and synergies and unlocking and maximizing shareholder value with the long-term view.

The company said Thursday that the main growth focus of Copenhagen-based A.P. Møller – Mærsk A/S going forward will be delivering best-in-class transportation and logistics services as an integrated Transport & Logistics company. Building on the company’s position within container transport and port operations, and significant position in supply chain management and freight forwarding, Transport & Logistics will leverage its leading position through new product offerings, digitalized services and individualized customer solutions.

The board said it expects that the oil and oil-related businesses will require different solutions for future development, including separation of entities individually or in combination from A.P. Møller – Mærsk A/S in the form of joint ventures, mergers or listing. Depending on market development and structural opportunities, the objective is to find solutions for the oil and oil-related businesses within two years.

“The industries in which we are operating are very different, and both face very different underlying fundamentals and competitive environments,” said chairman Michael Pram Rasmussen.  “Separating our transport and logistics businesses and our oil and oil-related businesses into two independent divisions will enable both to focus on their respective markets. This will increase the strategic flexibility by enhancing synergies between businesses in Transport & Logistics, while ensuring the agility to pursue individual strategic solutions for the oil and oil-related businesses.”

Transport & Logistics will consist of Maersk Line, APM Terminals, Damco, Svitzer and Maersk Container Industry based on a one-company structure with multiple brands. The mission of these businesses is to enable and facilitate global supply chains and provide opportunities for our customers to trade globally.

Since 2008, the group has focused on building a lean transparent global conglomerate with each business unit operating on arm’s-length principles. Managing and operating the business activities in Transport & Logistics in a more integrated manner will enable profitable growth through stronger collaboration and disciplined capital allocation, the company said.

Regarding the strategies for the individual businesses, the company said Maersk Line, a key carrier of textile and apparel products, will grow market share organically and through acquisitions. APM Terminals, which operates many important ports around the world, will focus on cost and utilization and increase its focus on operational excellence to enhance returns and deliver improved service to existing and new third-party customers. Damco and Maersk Line will collaborate to deliver new innovative customer solutions supported by significant investments into digital technology. Svitzer will pursue a growth strategy based on its market-leading position and synergies with APM Terminals and Maersk Line will increasingly be explored, and Maersk Container Industry will collaborate with Maersk Line on technology development and efficient production planning.

Energy will consist of Maersk Oil, Maersk Drilling, Maersk Supply Service and Maersk Tankers.

Financial reporting for the new structure will be effective with the 2017 fiscal year.

In accordance with the new structure, a series of management changes have been set. Søren Skou will continue as group chief executive officer of A.P. Møller – Mærsk A/S and ceo of the Transport & Logistics division. Claus V. Hemmingsen will be appointed group vice ceo of A.P. Møller – Mærsk A/S, effective Oct. 1 and ceo for the Energy division.

Jakob Stausholm will be appointed group chief financial officer of A.P. Møller – Mærsk A/S as of Dec. 1, when Trond Westlie will step down from that post. Jakob Thomasen will step down as ceo of Maersk Oil effective Oct. 1 and will leave the group on Nov. 1. Kim Fejfer will step down as ceo of APM Terminals effective Nov. 1.

“Both Energy and Transport & Logistics have strategies positioning them for growth and strategic agility,” Skou said. “Transport & Logistics will be able to provide new and digitized world-class solutions for customers, while at the same time capture functional cost synergies and better utilization of existing assets.”

Maersk Group reported a profit of $118 million in the second quarter ended June 30; it was far below the $1.1 billion profit for the year-ago period, dragged down particularly by average container freight rates in its Maersk Line unit and low oil prices in its Maersk Oil division. Maersk Line reported a loss of $151 million compared to profit of $507 million in the second quarter in 2015.