http://www.wsj.com/articles/maersk-line-to-cut-staff-as-market-deteriorates-1446623156
Danish conglomerate A.P. Møller-Maersk
A/S said Wednesday its Maersk Line container-shipping unit would
cut 4,000 jobs from its land-based staff of 23,000. It is also canceling
options to buy six Triple-E vessels, the world’s largest container ships,
to cope with the deepest market slump in the industry since the 2009
global financial crisis. Maersk said it would also push back plans to
purchase eight slightly smaller vessels.
The decision to halt its
fleet expansion represents a significant U-turn for the company, which
had been investing heavily amid the downturn. Counting on its
market-share dominance and deep pockets, it aimed to expand as smaller
competitors retrenched. But after issuing a surprise profit warning last month,
Maersk signaled it, too, was no longer immune to a combination of
slowing global growth and massive container ship overcapacity on many
routes.
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