Maersk, the world's biggest shipping company, said on Friday that it plans to eliminate 10,000 jobs due to what it described as a challenging environment for container trade and logistics services. The company said the move would result in savings of $600 million in 2024. The announcement was made as Copenhagen-based Maersk presented its quarterly report, which listed profits before taxes at $691 million, down from $9.1 billion for the same period last year. It cited "challenging market conditions resulting in substantially lower freight rates compared to the abnormally high rates in 2022."
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