COPENHAGEN, Denmark (AP) — Maersk Line, the shipping branch of Danish conglomerate A.P. Moller-Maersk, says it will reduce its network capacity, postpone investments and reduce its global headcount by at least 4,000 jobs by the end of 2017.
Maersk Line says it was speeding up already announced plans to simplify the organization in the light of lower demand.
Company CEO Soeren Skou said Wednesday in a statement that the decisions were "necessary steps to transform our industry."
Maersk Line currently has 23,000 land-based staff globally.
Last month, the group's oil unit, Maersk Oil, said it will cut 1,250 jobs this year, reducing its workforce by 10-12 percent due to the slump in oil prices.
The Copenhagen-based group plans to present its third quarter earnings on Friday.