Maersk Line will cull unprofitable services, cut capacity and reduce feedering in an urgent bid to stem losses caused by a toxic mix of low freight rates and soaring fuel costs.
The refocused Maersk Group recorded an net loss of $239m in the first quarter across its Ocean, Logistics & Services, Terminals & Towage and Manufacturing & Others business divisions.
Chief executive Soren Skou said the result was “unsatisfactory” and that “a number …
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Source: The Loadstar