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The company announced some layoffs had already been completed as it announced its quarterly figures on Friday. The goal is to save $600 million next year. Management estimates related restructuring costs at $350 million, with most expected to occur this year. The share repurchase program planned for 2024 will also be reviewed.
Maersk has made record profits in recent years as high demand for consumer goods encounters global supply chains. This caused freight prices to increase rapidly. Now economic growth is slowing down and companies are reducing their stocks rather than ordering new goods.
Additionally, the ship capacity range is now much wider. Maersk also said that sea cargo transportation prices are now close to 2019 levels. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
