“Shares of Maersk plunge 18% as shipping giant announces 10,000 job cuts, says profit will be at lower-end of guidance”
November 3, 2023
“Shipping giant Maersk, a bellwether for global trade, on Friday announced plans to reduce its workforce by more than 10,000 people and said it expected profit to be at the low end of prior guidance. The firm’s Denmark-listed shares had fallen 18% by early afternoon to their lowest level since October 2020.
“Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base,” CEO Vincent Clerc said in a statement, adding that overcapacity in most regions had driven down prices…”