Maersk to Cut 10,000 Jobs Amid Gloomy Outlook for Shipping Industry
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Maersk is cutting 10,000 jobs, about 9% of its workforce, due to uncertain economic conditions and the outlook for the shipping industry.
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The job cuts are part of a broader effort by Maersk to reduce costs and preserve cash, including reducing capital expenditures.
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Maersk's ocean shipping division reported a small operating loss in Q3 as volumes rose but rates fell more than expected.
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Maersk expects market conditions to worsen further in 2023 and potentially beyond due to overcapacity from new ship deliveries.
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Maersk's Q3 earnings were down sharply from last year's record profits but roughly in line with expectations. The company sees potential for a sizable Q4 loss.