Integrated Logistics Company A.P. Moller – Maersk’s (OTC:AMKBY) (GB:0O77) (DE:DP4A) shares are down by nearly 6% at the time of writing after a container vessel chartered by the shipping company collided with the Francis Scott Key Bridge in Baltimore. The tragedy resulted in the collapse of the entire structure.
The collision between the ship and the four-lane bridge sent cars and people plunging into the river below. According to Reuters, the ship lost propulsion while leaving the port, causing the crew on board to lose control. Wes Moore, the Governor of Maryland, has declared a state of emergency to deal with the situation.
Dali, the container ship involved in the incident, was set to depart from Baltimore today and arrive at Colombo on April 22.
Is Maersk a Good Investment?
Today’s price decline further adds to the nearly 24.3% value erosion in Maersk’s share price so far this year. Overall, the Street has a Moderate Buy consensus rating on Maersk alongside an average AMKBY price target of $1,908. The stock is currently trading at a modest price-to-earnings multiple of 5.8.
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