Reuters.A.P. Moeller-Maersk, a Danish shipping giant listed on the Copenhagen stock exchange, intends to eliminate approximately 10,000 jobs by the end of next year as part of a $350 million restructuring initiative. The job cuts, mostly planned for 2023, aim to reduce the workforce from 110,000 to under 100,000 in 2024. This move follows a significant decline in Q3 revenues, which led to a 9% fall in Maersk’s shares.
The company’s Q3 revenues fell by 47%, largely due to fierce price competition in its freight shipping business. The competitive pricing environment caused freight rates to drop by 58% year-on-year and saw profits plummet by 94% to $521 million. CEO Vincent Clerc identified subdued demand, inflationary pressures on co…
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