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Shipping company Maersk to slash 10,000 jobs, citing the difficult market environment

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Maersk, the world’s biggest shipping company, says it plans to eliminate 10,000 jobs due to what it described as a challenging environment for container trade and logistics services

FILE - Containers are seen on the worlds first methanol-enabled container vessel before the namegiving ceremony in Copenhagen, Denmark, Thursday, Sept 14, 2023. On Friday, Nov. 3, 2023 Maersk presented its quarterly report with profits before taxes at $691 million, down from $9.1 billion for the same period last year, citing “challenging market conditions resulting in substantially lower freight rates compared to the abnormally high rates in 2022.

at $691 million, down from $9.1 billion for the same period last year. The report cited “challenging market conditions resulting in substantially lower freight rates compared to the abnormally high rates in 2022.” ”Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base,” Clerc said. “Given the challenging times ahead, we accelerated several cost- and cash- containment measures to safeguard our financial performance.”

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Shipping company Maersk to slash 10,000 jobs, citing the difficult container trade environmentMaersk, the world’s biggest shipping company, says it plans to eliminate 10,000 jobs due to what it described as a challenging environment for container trade and logistics services. The company said the move would result in savings of $600 million in 2024.
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