Shipping: "Maersk to Cut Jobs and Retire Brands in Major Reorganization"

From gCaptain, September 1:

Maersk will cut jobs in a major shake-up that will affect a third of the shipping giant’s staff as it seeks to integrate its seaborne container and in-land logistics businesses, it said on Tuesday.

Maersk, which handles about one in five containers shipped worldwide, has been under pressure from investors to speed its transformation from an unwieldy conglomerate but has proved resilient in the face of the COVID-19 pandemic.

Cost cuts and its reinstatement of more upbeat guidance last month have helped to double its share price since March and the shares were trading 0.9% up at 9,652 crowns by 0835 GMT.

The company sold its oil and gas assets in 2017 to Total as part of its efforts to become a more streamlined company focused on its container and in-land logistics business for large customers such as Walmart and Nike....

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