Maersk fires 400

Logo of A.P. Moller – Maersk Group

Logo of A.P. Moller – Maersk Group (Photo credit: Wikipedia)

The worst CSR performer in the Maersk empire is forced to fire some 400 employees some really poor economic performance. While there is no direct link between their focus on sustainable business solutions and their bottom line, it is interesting to note that the this part of the business have not been able to adapt to the environment that they are operating in fast enough in order to avoid these colossal looses.
The company presented their first quarter results a few weeks ago and the Line devision was a overall looser draging the stock down for the whole company. One of the main contributors have been the price war on freight rates and very high fuel prices. These factors have subsequently send the container shipping line down with a deficit in the first quarter of 3.4 billion against a profit during the same period a year earlier to 2.5 billion. Maersk Line has already set the price to transport containers between Europe and Asia up but this will not mean that the shipping devision will present black numbers this year. Maersk Line is the world’s largest container shipping company and is responsible for 42 percent of revenue in the conglomerate AP Moller-Maersk.

http://www.maerskpress.com/Latest-Press-Releases/maersk-announces-q1-financial-results/s/447853ae-13af-42d3-b231-2a2acdf06544