Shipping group AP Moller-Maersk is axing at least 10,000 jobs as revenues and profits fall.
The company, which controls about one-sixth of global container trade, flagged a steeper downturn in demand than had been expected.
‘Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base,’ said chief executive Vincent Clerc.
‘Since the summer, we have seen overcapacity across most regions triggering price drops.’
Shares slid 16.5 per cent to their lowest level in three years.
Drifting: Moller-Maersk controls about one-sixth of global container trade
Maersk said it was in the process of cutting its workforce from 110,000 in January this year to below 100,000, which will result in savings in 2024 of nearly £500m.
It said profits dropped to £1.6billion in the third quarter from £8.9billion a year earlier. Revenues fell 47 per cent to £9.9billion.