Maersk Line is cutting 4,000 jobs to tackle slowing global trade
Maersk Line is slashing jobs, hit hard by deteriorating global trade.
The world’s largest shipping company, part of Danish group Maersk, is cutting 4,000 jobs at least, scaling back over the next two years.
Maersk has also decided to cancel plans to buy six new ships and scale back its capacity to tackle the continuing slow shipping forecasts that have been pummeling the company.
Søren Skou, chief executive of Maersk Line, said:
We are fewer people today than a year ago. We will be fewer next year and the following year. These decisions are not taken lightly, but they are necessary steps to transform our industry.
The announcement comes just over a week after Maersk sent out a profit warning to investors, warning of the effects of drooping global trade.
Maersk shares, which have fallen nearly 16 per cent over the year, soared over four per cent in morning trading on the news.