Commerzbank shares fall 3% as German government retains stake
Alaska Airlines hit by IT outage causing ground stop in Seattle
Big UK investors poised to buy the dip in US property
Pope cancels his audiences due to slight illness days before a new trip
Israeli military bombs Hezbollah targets in Lebanon
As fast as it comes down, graffiti returns to DC streets. Not all of it unwelcome
Mahomes throws 2 touchdown passes and the Chiefs' defense preserves a 22-17 win over the Falcons
COPENHAGEN, Denmark (AP) — Maersk, the world’s biggest shipping company, said Friday that 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.
The announcement was made as Copenhagen-based Maersk presented its quarterly report, which listed profits before taxes 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.”
A.P. Moller-Maersk CEO Vincent Clerc said the company will continue to streamline its organization and operations.
”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.”
The company's revenue for Q3 was $12.1 billion in 2023 compared to $22.8 billion for the same period in 2022.
The company said it now expected annual global container volume growth in the range of -2% to -0.5% compared to -4% to -1% previously.
