COPENHAGEN - The world's biggest container shipping line, Maersk, said on Tuesday demand was recovering faster than expected and lifted its earnings outlook, while also announcing plans to cut 2,000 jobs as it streamlines to cut costs.
"A.P. Moller - Maersk is on track to deliver a strong Q3 with solid earnings growth across all our businesses, in particular in Ocean and Logistics & Services," Chief Executive Soren Skou said in a statement. "Volumes have rebounded faster than expected, our costs have remained well under control, freight rates have increased due to strong demand," Skou said.
The Danish company said it would cut 2,000 positions as a result of a major reorganization announced last month, where it seeks to integrate its seaborne container and in-land logistics businesses.Shares in Maersk were down by around 1% on Tuesday morning.