The world’s top container carrier, Maersk Line, is consolidating its operations in Brazil, Paraguay, Argentina and Uruguay in a bid to cut costs amid falling freight rates.
Antonio Dominguez of Panama will be the new director of operations for the east coast of South America, the company said in a statement from Brazil, reports Reuters. Latin America accounted for around 12% of Maersk Line’s global volumes in 2015.
Maersk’s move follows a host of other boxlines who have slashed their South American operations in recent months.
Last November, Maersk Line outlined huge spending cuts including slashing its global headcount by at least 4,000.