The shipping industry, including companies like Maersk and CMA CGM, is facing a downturn after experiencing a shipping boom during the COVID-19 pandemic [9e353967] [8953e979]. As global trade declined, these companies have been impacted by reduced profits and the need to cut costs [9e353967]. Maersk, the world's largest container shipping company, has announced plans to cut at least 10,000 jobs as part of their efforts to reduce costs and adapt to changing market conditions [9e353967]. Other cost-saving measures, such as reducing investments and renegotiating contracts with suppliers, are also being considered [9e353967]. Similarly, CMA CGM, a French-based shipping giant, reported a drop in profit for the third quarter due to the fading COVID-era shipping boom [8953e979]. However, they saw an increase in volumes as demand in other parts of the world offset a destocking trend in the United States [8953e979]. Despite the challenges, both companies are focused on adapting to the changing market conditions and ensuring their long-term viability [9e353967] [8953e979]. The shipping industry as a whole is also facing the challenge of decarbonization, requiring significant investment in cleaner-burning fuels and infrastructure [9e353967]. Some companies, like CMA CGM, are diversifying their operations to cushion the impact of the boom-and-bust cycle in shipping [9e353967]. Overall, the industry is navigating through a severe cycle of profitability, going from bumper profits to losses in a short period of time [bbf9cf28].