Maersk’s first investor meeting after its Hamburg Sud acquisition announcement included a commitment to replacing the revenues lost from disposing of its energy business. Hamburg Sud replaces 15% points of the 24% points lost, with commentary suggesting container shipping assets rather than terminals may be the focus for any further investment. Assuming half the 9% points of remaining revenues come from organic growth, and applying Hamburg Sud’s revenues per TEU, then around 130,000 TEUs of further acquisitions are possible.