Maersk cuts 10,000 jobs as profits drop by 92%

Maersk has announced plans to decrease its workforce by a further 3,500 positions as it looks to contain costs after its profit before tax plunged by 92% to US$691m in the third quarter of the year as market overcapacity caused significant price drops.

The Danish company, which has already reduced its headcount from 110,000 in early 2023 to 103,500 today, will make 2,500 more lay-offs in the coming months, and the remainder next year.

Cost containment measures will bring down Maersk’s selling, general and administrative expenses (SG&A) cost by US$600m for 2024, while a total restructuring charge is now expected at US$350m, up from US$150m in February.