Danish trade, shipping and energy conglomerate AP Møller-Maersk Group has announced plans to lay off about 400 employees as part of the company’s austerity measures.
“We are facing an unprecedented market situation and we will unfortunately have to adjust our volume of employees,” stated Jørn Madsen, the head of Maersk Supply Service.
“It is a sad but necessary step we need to take to ensure the company’s future.”
The group has also decided to sell 20 ships.
Maersk has been experiencing plummeting profits, particularly due to falling freight rates and low oil prices.
A new strategy on how to tackle the various challenges will be presented this autumn.