Container price decline rocks MAERSK

The sharp decline in container shipping rates is beginning to reveal its negative consequences.

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Statista: Global container freight rate index from January 2019 to August 2023

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Danish shipping company MAERSK is planning fresh layoffs following revenue that has roughly halved in the third quarter of 2023 compared with the previous year ($22 billion versus $12 billion).

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The company, which laid off approximately 6,500 employees at the beginning of 2023, plans to part with an additional 350 staff members by the end of this year.

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News link: https://www.porttechnology.org/news/maersk-cuts-thousands-of-jobs-amid-subdued-demand/