Maersk shipping to cut 400 jobs

June 1, 2012 at 1:30 PM

COPENHAGEN, Denmark, June 1 (UPI) -- Danish container shipper Maersk Line said Friday it would eliminate 400 jobs as part of a reorganization strategy.

The shipping giant, which current employs 25,000 workers around the globe, said it lost $566 million in the first quarter after earning a net profit of $416 million in the first three months of 2011.

"We want to build a successful business that consistently delivers acceptable returns to its shareholders," Chief Executive Officer Soren Skou said in a statement.

"This requires that we challenge ourselves to have as efficient an organization as possible," he said.

The Copenhagen Post reported Maersk Line, as a subsidiary of A.P. Moller-Maersk, generates 42 percent of its parent company's business.

The company has already said it would ground some ships to help increase freight rates and reduce its fuel consumption.

After spending $5.8 billion on fuel in 2011, the firm has targeted a 22 percent reduction in fuel consumption by 2014, the newspaper said.

Related UPI Stories
Latest Headlines
Trending Stories
Study of antibodies in HIV patient may help lead to vaccine
Pepsi to launch own smartphone
History Channel special reveals Alcatraz escapees may have survived
Multiple attacks escalate Jerusalem violence; gun restrictions could ease
Genetic changes could make pig organs usable for human transplant