Shipping is another import sector with Maersk, the world's largest shipping company, having their world headquarters in Copenhagen. The city has an industrial harbour, Copenhagen Port. Following decades of stagnation, it has experienced a resurgence since 1990 following a merger with Malmö harbour. Both ports are operated by Copenhagen Malmö Port (CMP). The central location in the Øresund Region allows the ports to act as a hub for freight that is transported onward to the Baltic countries. CMP annually receives about 8,000 ships and handled some 148,000 TEU in 2012.