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Danish shipping line AP Møller-Maersk will cut 10,000 jobs, almost a tenth of its workforce, after it reported sharp falls in revenues and profits in “a difficult market environment”.

Maersk said it would cut its workforce to below 100,000, from 110,000 in January 2023, producing savings of $600mn next year but raising restructuring costs by $350mn, mostly incurred this year.

Revenues in the third quarter fell $10.6bn year on year to $12.1bn. Earnings before interest, tax, depreciation and amortisation fell $9bn to $1.9bn.

“Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base,” said Vincent Clerc, chief executive.

Source: November 3, 2023 | By Jonathan Wheatley