Maersk to Cut 10,000 Jobs as Shipping-Industry Boom Ends

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https://www.wsj.com/business/logistics/maersk-to-cut-more-than-10-000-jobs-as-industry-faces-new-normal-0d95faa1Shipping and logistics giant A.P. Moller-Maersk said it would cut more than 10,000 jobs, as a pandemic-fueled cargo boom has ended, leaving the industry with a surplus of ships and sharply lower freight rates., saw its third-quarter profit plummet to $521 million from $8.88 billion last year. Its main Ocean division posted a quarterly loss for the first time in many years.

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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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