Maersk Line is now reducing capacity in its network while also postponing investments in new capacity, and the carrier will also accelerate already announced cost reduction measures, according to a press release issued Wednesday.

The moves comes in the wake of the strong decline in demand, and Maersk Line notes that the carrier is taking these measures in an effort to protect its ambition of growing with the market and thus maintaining its position as the world’s largest container carrier.

“We are on a journey to transform Maersk Line. We will make the organization leaner and simpler. We want to improve our customer experience digitally and at the same time work as efficiently as possible,” says CEO Søren Skou in the statement.

The carrier’s annual Sales, General & Administration budget, SG&A, will be reduced by USD 250 million over a two-year period, of which the first USD 150 million will be cut in 2016. The savings will be achieved through previously announced cost reduction measures as well as through automation, standardization and process digitalization, informs Maersk Line.