DENMARK's Maersk Supply Service has announced it will cut 20 vessels from its fleet of 56 over the next 18 months, resulting in 400 job losses.
Hundreds of maritime jobs could be at risk as part of plans by shipping giant Maersk to cut costs in the face of sluggish global demand, reports the Belfast Telegraph.
Maersk Supply Service, the shipping giant's division servicing the oil and gas sector, announced on Thursday it would cut 20 vessels from its fleet of 56 over the next 18 months, resulting in 400 job losses.
Maersk Supply Service said cuts were necessary because of limited trading opportunities and poor global demand.
"We are facing unprecedented market conditions and regrettably we have to further adjust our crew pool. It is an unfortunate but necessary step to safeguard the future of our company," said Maersk Supply Service CEO Jorn Madsen.
Parent Maersk Group last week reported an 89 per cent drop in profit in the second quarter and warned it continues to expect significantly lower full-year results.
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