{"id":4712,"date":"2023-11-03T22:59:49","date_gmt":"2023-11-03T20:59:49","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=4712"},"modified":"2023-11-03T22:59:49","modified_gmt":"2023-11-03T20:59:49","slug":"maersk-to-cut-at-least-10000-jobs-as-earnings-fall-by-80","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=4712","title":{"rendered":"Maersk to cut at least 10,000 jobs as earnings fall by 80%"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"auto\">A.P. Moller-Maersk A\/S, a bellwether for global trade, fell in value after the company said it would cut at least 10,000 jobs to protect its profitability in a shipping market that will remain weak until about 2026.<\/p>\n<p>The staff reductions, equivalent to 9% of headcount, are caused by lower freight rates and increased competition in the shipping industry. About 6,500 of those positions have already been eliminated, Chief Executive Officer Vincent Clerc said.<\/p>\n<p>Container lines are facing an abrupt drop in earnings after record profits in 2021 and 2022.<\/p>\n<p>The company\u2019s earnings before interest, tax, depreciation and amortization fell more than 80% to $1.88 billion in the Q3.<\/p>\n<p>So Maersk expects to save $600 million through job cost-cutting measures, according to a statement Friday.<\/p>\n<p>The Copenhagen-based company will also revise its share buyback program for 2024 and reduce capital expenditure estimates for 2023 and 2024.<\/p><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A.P. Moller-Maersk A\/S, a bellwether for global trade, fell in value after the company said it would cut at least 10,000 jobs to protect its profitability in a shipping market that will remain weak until about 2026. The staff reductions, equivalent to 9% of headcount, are caused by lower freight rates and increased competition in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-4712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-issues"],"_links":{"self":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4712"}],"version-history":[{"count":0,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/media\/4713"}],"wp:attachment":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}