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Illustration: Brendan Lynch/Axios

A.P. Moller-Maersk, the world's largest container shipper by volume, agreed to buy pan-Asian warehouse operator LF Logistics for around $3.6 billion in cash. The sellers are Hong Kong-based logistics firm Li & Fung and Singapore sovereign wealth fund Temasek.

Why it matters: This reflects not only how Maersk has reaped billions in profit from the global supply chain crisis, but also how it's using some of that surplus to bulk up on landbound logistics for when shipping fees ease.

By the numbers: LF Logistics has more than 220 warehouses in 14 Asian countries, with around 10,000 employees. Its freight forwarding business is not included in the sale.

The bottom line: "Maersk has around 70,000 ocean customers that include U.S. retail chains, car makers, furniture suppliers, electronics makers and clothing importers. But less than a quarter of those customers use the company to move their goods from ports to warehouses and distribution centers." Ben Dummett & Costa Paris, WSJ

Go deeper

Hope King, author of Closer
Dec 22, 2021 - Economy & Business

Peek inside a logistics facility at the end of the holiday supply chain

XPO Logistics workers in Carlstadt, NJ. (Photo: Hope King/Axios)

Pallets of sodas, jewelry boxes and baby car seats competed for attention with 75-inch TVs, snow blowers, and crates of bolts for bridges — all at a delivery warehouse on Monday. Each was destined for one of about 75 XPO Logistics trailers waiting to be loaded and moved, in freezing conditions.

Why it matters: The mix of consumer goods that a company like XPO has to transport is at its highest since the onset of the pandemic, which instigated a host of supply chain snarls.

Scoop: Stephanie Ruhle to replace Brian Williams on MSNBC

Photo: Nathan Congleton/NBCU Photo Bank/NBCUniversal via Getty Images via Getty Images

MSNBC will soon announce plans to move morning anchor Stephanie Ruhle to the 11 pm ET hour that Brian Williams turned into an elite destination, two sources familiar with the move tell Axios.

Details: The 9 am ET hour, currently hosted by Ruhle, will become part of MSNBC's flagship morning show, "Morning Joe," which currently runs from 6 am to 9 am ET.

Oath Keepers leader denied bail on Capitol riot sedition charge

Oath Keepers co-founder Elmer Stewart Rhodes. Photo: Susan Walsh/AP

A federal judge ordered Oath Keepers leader Stewart Rhodes to remain jailed Wednesday until trial on charges stemming from the Capitol riot.

Why it matters: The judge said the most prominent far-right figure charged in the Jan. 6, 2021, insurrection had access to weapons and his alleged "continued advocacy for violence against the federal government" gave credence to prosecutors' view that, if released, Rhodes could endanger others.