Cargill, one of the largest providers of maritime bulk cargo services, said that about 5% of its staff will be laid off this year, with about 8,000 employees facing a layoff crisis.

Cargill released a financial report this year showing that its revenue this year was only US$160 billion, down from US$177 billion in the previous year.

The company said that layoffs were a difficult decision, but due to the downward pressure on agricultural product prices, layoffs and realignment of resources are long-term strategies. While the executive team will not be affected, some leaders will also be laid off.