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Maersk sees box rates plagued by overcapacity, cuts jobs to reduce costs

November 4, 2023 Comments Off

A.P. Moller-Maersk is seeing a prolonged pressure on freight rates from severe overcapacity and has embarked on 10,000 job cuts to protect its profitability, the Danish container line said Nov. 3 while reporting much weaker third-quarter results. In its latest quarterly report, Maersk said market conditions are “challenging” amid soft demand and large newbuild deliveries and the company has to…