Maersk cuts 2,000 jobs to reduce production costs

On Tuesday, Maersk (MAERSKb.CO) announced its plans to cut 2,000 jobs in order to reduce its production costs. However, the world’s largest container shipping line said that the global travel demand was recovering faster than expected while Maersk lifted its earnings outlook

“A.P. Moller – Maersk is on track to deliver a strong Q3 with solid earnings growth across all our businesses, in particular in Ocean and Logistics & Services,” Maersk’s Chief Executive Officer Soren Skou said in an interview.

“Volumes have rebounded faster than expected, our costs have remained well under control, freight rates have increased due to strong demand,” he added.

The Danish integrated shipping company stated that it would cut 2,000 positions due to a major reorganization that was announced in September 2020. Maersk added that it aims to integrate its seaborne container and in-land logistics businesses.

Maersk’s shares fell by 1% in the morning trade.