Maersk to extend cost cuts as European imports founder

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Maersk is to attempt another round of cost cuts, saying it’s the only way to stay on top at the moment, in the absence of further capacity cuts and in the presence of falling freight rates. Nils Smedegaard Andersen told Bloomberg that all he could do was to make Maersk as competitive as possible while Europe continued to struggle. The Shanghai Containerised Freight Index has fallen now for nine consecutive weeks.