At least 10,000 jobs are being axed worldwide at global shipping giant AP Moller Maersk amid a slump in demand for container freight.
The Danish group has a substantial presence in this region, using the Hull and Immingham ports and having inland depots in Doncaster, Leeds and Sheffield. The company has revealed it is slashing its workforce from 110,000 in January to below 100,000 as it looks to cut costs by 600 million US dollars next year. Maersk said it had already cut around 6,500 jobs since early 2023 through a hiring freeze and that another 3,500 would go as it ramps up cost-saving actions.
The shipping industry is suffering as the boom in demand seen during the pandemic years is fading. The sector enjoyed record profits from 2020 to 2022 as economies began firing up after lockdowns were lifted and as firms struggled to secure stock in response to pent up demand. Shipping costs soared as a result, but the market is now returning to more historically normal patterns, with demand also suppressed as the global economy has weakened.
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