One of the world’s biggest shipping firms is to cut 3,500 more jobs due to lower freight rates and demand.
AP Moller-Maersk already cut 6,500 roles earlier this year as part of “rigorous cost containment measures” but said more redundancies were needed.
The firm, which transports goods for major retailers such as Nike, said profits had plunged by 92% in its most recent quarterly results.
The firm, which transports goods for major retailers such as Nike, said profits had plunged by 92% in its most recent quarterly results.
The cost of shipping goods soared in the first year of Covid when lockdowns lifted and businesses began to resume trading, increasing their orders for stock.
Such high demand led to congestion and logistical problems at UK ports. There was also a shortage of shipping containers in Asia, which helped drive up inflation.
More recently, however, high inflation and rising interest rates have curbed spending and dampened demand.
Maersk previously warned in August of a steeper decline in global demand for shipping containers by sea this year.
The Danish company said in a trading update on Friday that there had been “significant pressure on rates” in the past few months.
One of the world’s biggest shipping firms is to cut 3,500 more jobs due to lower freight rates and demand.
The firm, which transports goods for major retailers such as Nike, said profits had plunged by 92% in its most recent quarterly results.
AP Moller-Maersk already cut 6,500 roles earlier this year as part of “rigorous cost containment measures” but said more redundancies were needed.
The cost of shipping goods soared in the first year of Covid when lockdowns lifted and businesses began to resume trading, increasing their orders for stock.
The firm, which transports goods for major retailers such as Nike, said profits had plunged by 92% in its most recent quarterly results.
The firm, which transports goods for major retailers such as Nike, said profits had plunged by 92% in its most recent quarterly results.
The cost of shipping goods soared in the first year of Covid when lockdowns lifted and businesses began to resume trading, increasing their orders for stock.
Such high demand led to congestion and logistical problems at UK ports. There was also a shortage of shipping containers in Asia, which helped drive up inflation.
More recently, however, high inflation and rising interest rates have curbed spending and dampened demand.
Maersk previously warned in August of a steeper decline in global demand for shipping containers by sea this year.
The Danish company said in a trading update on Friday that there had been “significant pressure on rates” in the past few months.
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