{"id":8998,"date":"2023-11-03T08:32:02","date_gmt":"2023-11-03T08:32:02","guid":{"rendered":"https:\/\/infundpros.com\/business\/maersk-to-cut-at-least-10000-jobs-as-shipping-boom-ends\/"},"modified":"2023-11-03T08:32:02","modified_gmt":"2023-11-03T08:32:02","slug":"maersk-to-cut-at-least-10000-jobs-as-shipping-boom-ends","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8998","title":{"rendered":"Maersk to cut at least 10,000 jobs as shipping boom ends"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=a73e1033-ee56-461e-89dc-80b82d30d0a1\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>AP M\u00f8ller-Maersk has said it plans to axe at least 10,000 jobs as the container shipping industry\u2019s pandemic-driven boom gives way to weaker demand and overcapacity.<\/p>\n<p>Container shipping lines had already warned this year would be much tougher, but Maersk said on Friday the picture had deteriorated and that it was stepping up cost cuts.<\/p>\n<p>The Danish group said it aimed to reduce its workforce from 110,000 to below 100,000, a move that would generate annual savings of $600mn.<\/p>\n<p>In a sign of the strains now facing Maersk, the company added that its capex would be lower this year and next and that its share buyback programme for next year was under review.<\/p>\n<p>Container shipping, an industry whose fortunes are tied to globalisation, reported record profits from 2020 to 2022 as retail and industrial companies struggled to restock and respond to pent-up demand unleashed after the lifting of coronavirus lockdowns.<\/p>\n<p>In a statement on Friday, Vincent Clerc, Maersk chief executive, said that \u201cour industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base\u201d.<\/p>\n<p>Maersk said that profits for this year would now be at the lower end of its previous guidance. The gloomier outlook came alongside Maersk\u2019s results for the third quarter, which showed a steep drop in both revenues and profits. <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/a73e1033-ee56-461e-89dc-80b82d30d0a1\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. AP M\u00f8ller-Maersk&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-8998","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Maersk to cut at least 10,000 jobs as shipping boom ends | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.AP M\u00f8ller-Maersk has said it\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=8998\" \/>\n<meta property=\"og:locale\" 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