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Maersk Cutting 10,000 Jobs in Face of ‘Worsening Market Conditions’

Maersk Cutting 10,000 Jobs in Face of ‘Worsening Market Conditions' - Universal Logistics Trade Alerts - November 7, 2023

Toronto, November 7, 2023

The following message was issued by the Canadian International Freight Forwarders Association (CIFFA) on Monday, November 6, 2023:

Maersk Cutting 10,000 Jobs in Face of ‘Worsening Market Conditions’

Maersk revealed Friday that it is “intensifying” job cuts in light of the “worsening market conditions” in ocean shipping. “Given the challenging times ahead, we accelerated several cost and cash containment measures,” said Vincent Clerc, CEO of A.P. Moller-Maersk. “We are in a very uncertain trading environment with significant further downside risk potential – one that could stay with us for quite a while,” Clerc said on a call with analysts.

Maersk began the year with 110,000 global employees. Year to date, it has cut 6,500 jobs, which it had not previously disclosed. It has now decided to cut a further 3,500 jobs, including 2,500 by year-end and 1,000 in 2024. The total reduction – 10,000 layoffs – will reduce the company’s global headcount by 9%.

Read more in an article from American Shipper.

For more information, please call David Lychek, Director – Ocean & Air Services at (905) 882-4880, ext. 1207.

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