Danish container shipping giant A.P. Moller-Maersk unveiled this morning a further downturn in both profit and revenue, resulting in a decision to cut 10,000 jobs as a response to the ongoing challenges of declining freight rates and lackluster demand within the container shipping industry.

Despite these challenges, Maersk affirmed its full-year guidance for revenue and operating profit of $9.5-11bn and underlying EBIT of $3.5-5bn. However, it now anticipates that both figures will fall toward the lower end of the projected range.