Maersk Slashes 10,000 Jobs Amidst Shipping Industry Downturn

Shipping group A.P. Moller-Maersk announced a significant drop in third-quarter profit and revenue, leading to plans to cut at least 10,000 jobs due to overcapacity, rising costs, and weaker prices. The company, which controls a substantial portion of global container trade, cited a steeper downturn in demand than anticipated. Maersk expects global container volumes to decline by up to 2% this year, primarily due to weak consumer demand and destocking following the COVID-19 pandemic. The company's shares fell over 10% to their lowest level in three years.