Maersk to reduce 10,000 jobs, reports Q3 loss in ocean biz

Maersk has reduced headcount from 110,000 in early 2023 to around 103,500, and, given the worsening price outlook in ocean, is intensifying measures to further decrease the workforce by 3,500 positions. Nearly 2,500 positions will be reduced in the coming months, and the remaining to extend into 2024.

Maersk reported a 47% decline in consolidated revenue at $12.1 billion for Q32023 compared to $22.8 billion in Q32022 on lower freight rates and lower volumes. Consolidated EBIT plunged 94% to $538 million from $9.5 billion in Q32022.

Ocean revenue dropped 56% to $7.9 billion compared to $18 billion in Q22022. EBIT was negative at $27 million, down from $8.7 billion in Q3 2022, driven by significant pressure on rates in particular on Asia to Europe, North America and Latin America trades.

Given the challenging times ahead, we accelerated several cost and cash containment measures to safeguard our financial performance. While continuously streamlining our organisation and operations, we remain dedicated to our strategy of fulfilling our customers’ diversified supply chain needs while pursuing growth opportunities across our Terminals business and Logistic & Services: Vincent Clerc, Maersk

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