The Danish group Maersk are to cut at least 10,000 jobs worldwide as there has been a slump in demand for container freight.
Global shipping giant AP Moller Maersk said they will cut the workforce from 110,000 in January to less than 100,000 and will cut costs by £491 million in 2024.
Earlier this year Maersk axed 6,500 jobs and in the “coming months” there will be up to 2,500 additional job losses.
Maersk chief executive Vincent Clerc said: “Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base.”
He added: “Given the challenging times ahead, we accelerated several cost and cash containment measures to safeguard our financial performance.”
AJ Bell said the profit alert is alarming, as Maersk’s status is an economic bellwether and a “fair proxy for global growth.”
Russ Mould said: “Transportation demand will be strong if the economy is going well, but the opposite will apply if there are clouds on the horizon.
“Maersk’s 9% share price slump on its latest results would suggest the global economy is losing speed.”