The shipping company says it will cut thousands of jobs to save $US600 million as container and logistics firms face an abrupt drop in earnings.
fell after saying it’s cutting at least 10,000 jobs to shield its profitability in a shipping market that is set to remain weak until about 2026.“If you look at the order book and what is going to come over the next couple of years, I think we’re probably settling in for a very subdued and pressured environment for two to three years ahead,” CEO Vincent Clerc said in an interview with Bloomberg TV.
Maersk expects to save $US600 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.after record profits in 2021 and 2022 when high demand for consumer goods during the pandemic, coupled with limited vessel supply, drove freight prices higher.
Maersk said it now sees 2023 underlying Ebitda “toward the lower end” of a previously given range of $US9.5 billion to $US11 billion.
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