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$30 Billion Shipping Giant Maersk to Reduce Global Workforce by 10,000 on Lower Expected Profit Forecast, Share Price Dropped 17% Since Announcement
4th November 2023 | Hong Kong
Shipping giant Maersk (3/11/23: $30 billion market value) has announced to reduce global workforce by 10,000 on lower expected profit forecast, with share price dropping 17% since the announcement (3/11/23). Maersk CEO Vincent Clerc: “Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base. Since the summer, we have seen overcapacity across most regions triggering price drops and no noticeable uptick in ship recycling or idling. Given the challenging times ahead, we accelerated several cost and cash containment measures to safeguard our financial performance. While continuously streamlining our organisation and operations, we remain dedicated to our strategy of fulfilling our customers’ diversified supply chain needs while pursuing growth opportunities across our Terminals business and Logistic & Services.”
” $30 Billion Shipping Giant Maersk to Reduce Global Workforce by 10,000 on Lower Expected Profit Forecast, Share Price Dropped 17% Since Announcement “
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$30 Billion Shipping Giant Maersk to Reduce Global Workforce by 10,000 on Lower Expected Profit Forecast
Maersk is an integrated logistics company working to connect and simplify its customers’ supply chains. As a global leader in logistics services, the company operates in more than 130 countries and employs over 100,000 people. Maersk is aiming to reach net zero emissions by 2040 across the entire business with new technologies, new vessels, and green fuels.
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