(What a brilliant movie that was, must see it again)
"Maersk, which controls about 17% of global container trade, started reducing its workforce from 110,000 in January and will be below 100,000 by the end of the year - this will result in a $600 million cost savings. Clerc said about 6,500 positions have already been eliminated. Maersk is considered a bellwether of global trade. Container lines are already seeing earnings drop after record profits in 2021-22 when demand for consumer goods during Covid surged. As per the World Container Index and the Baltic Dry Index, global shipping rates of major routes have already plunged by 75%-85% from their 2021 peaks."
