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Shipping giant Maersk Lines will stop calling at 10 ports in China, the company said in a statement, in a move widely interpreted as a cost-cutting measure amid flagging cargo rates and volumes. In its statement, the company said it was shifting its focus to ports that would “offer our customers new opportunities and prospects” and that the decision “should not be interpreted as a change in strategy.” The Maersk Group reported Friday that its profit plunged to $134 million in the second quarter of 2016, compared with $1.1 billion in the same period a year earlier.

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BEN KRITZ

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