12 votes

Maersk to cut 10,000 jobs as shipping firm revenue slides

2 comments

  1. [2]
    smoontjes
    Link
    All of it is apparently according to plan, so there are no surprises here. However I thought these numbers were crazy:

    All of it is apparently according to plan, so there are no surprises here. However I thought these numbers were crazy:

    The situation saw Maerskā€™s profit drop 94% to $521 million [compared to $8.7 billion in the same quarter last year]

    7 votes
    1. Megscatapult
      Link Parent
      Freight rates during COVID were insane. At one point, my company was paying 25k (USD) for a 40' container from southeast Asia. Container pricing has dropped back to pre-pandemic levels, which is...

      Freight rates during COVID were insane. At one point, my company was paying 25k (USD) for a 40' container from southeast Asia. Container pricing has dropped back to pre-pandemic levels, which is more like 3-4k per container. So I'm not super surprised by the revenue drop. It seems pretty in line with the drop in container rates.

      Shipping containers out of the US is even cheaper. Hundreds, if not thousands, of containers per month are sent from the US back to Asia completely empty. They're called "blank sailings." So when a US company actually does want to send product or materials to Asia, freight carriers are thrilled to make even a little money off the container.

      14 votes