COPENHAGEN - Danish shipping giant Maersk says it will need to cut thousands of jobs as their net profit and revenue plunged in the third quarter due to a sharp fall in freight rates.
The company had already begun to cut costs, reducing staff levels from 110,000 at the start of 2023 to just over 103,000 currently.
CEO Vincent Clerc said the industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on their cost base.
Revenue for the period fell to $12-billion compared to nearly $23-billion a year earlier.