Container rates have dropped below levels seen before pandemic.
AP Moller-Maersk, a bellwether for global trade, is cutting at least 10,000 jobs to shield its profitability in a shipping market that is set to remain weak until about 2026.
Maersk expects to save $600 million through the job cost measures, according to a statement on Friday. The Copenhagen-based company will also put its 2024 share buyback program under review and reduced its estimate for capital expenditure in 2023 and 2024. Maersk’s earnings before interest, tax, depreciation and amortisation fell more than 80% to $1.88 billion in the third quarter, meeting analyst estimates.
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