Danaos News

Maersk Fights to Stay on top as Containership Downturn Deepens

forced to cut costs and try to build scale due to a weak global economy and overcapacity. "World GDP growth is struggling ... Combined with trade growth slowing down, this is a recipe for a very bad market," said Evangelos Chatzis, chief financial officer with independent Greek container group Danaos. In November, Maersk said it would save $250 million in the coming two years and reduce its workforce by 17 percent or 4,000 people, mainly through attrition. It managed to post a profit of $37 million in the first quarter of 2016, compared with a $182 million loss in the last quarter of last year