News / Maersk sets course for cost-cutting programme after unveiling first-quarter losses

Maersk Line will cull unprofitable services, cut capacity and reduce feedering in an urgent bid to stem losses caused by a toxic mix of low freight rates and soaring fuel costs.

The refocused Maersk Group recorded an net loss of $239m in the first quarter across its Ocean, Logistics & Services, Terminals & Towage and Manufacturing & Others business divisions.

Chief executive Soren Skou said the result was “unsatisfactory” and that “a number of short-term initiatives are being implemented to improve profitability”.

For Maersk Line, ...