Danish shipping giant AP Moller-Maersk said it plans to cut costs by $500m in 2010.

In 2009 the company cut more than $2bn in costs and made an annual loss due to weak shipping markets and lower oil prices, according to Reuters.

Moller-Maersk may go for smaller cuts and eliminate or turn around less profitable units.

The group has also denied it had plans for a joint venture with China Shipping Group for the transport of liquefied natural gas.