One of the world’s biggest shipping companies has announced it will cut 10,000 jobs as it battles falling demand for freight. 

Maersk said it hopes to save $600m (£491m) next year under the plans amid what bosses called “challenging times” in the industry. 

The job cuts, which should take place in January, will reduce its number of staff to less than 100,000.

The company said revenues across the third quarter fell by $10.6bn (£8.7bn) as underlying pre-tax profits slumped 82pc to $1.9bn amid “substantially lower freight rates”.

Chief executive Vincent Clerc said: “Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base. 

“Since the summer, we have seen overcapacity across most regions triggering price drops

and no noticeable uptick in ship recycling or idling. 

“Given the challenging times ahead, we accelerated several cost and cash containment measures to safeguard our financial performance.”

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