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Container Giant Maersk Warns Global Demand to Shrink this Year

13th May 2020
The world's biggest container shipping company Maersk warns global demand is to shrink this year. Above Afloat's photo of the operator's containers stacked in Dublin Port. The world's biggest container shipping company Maersk warns global demand is to shrink this year. Above Afloat's photo of the operator's containers stacked in Dublin Port. Photo: Jehan Ashmore

Danish shipping group AP Moller-Maersk has today warned of a sharp drop in global container volumes due to the coronavirus pandemic, sending its shares down sharply.

The coronavirus epidemic has thrown the global container shipping trade off balance as global supply chains have been upended and businesses and factory activity in China and later across the world was disrupted.

Maersk, which also reported a 23% rise in first-quarter core profits, now expects global container demand to contract this year, after previously forecasting growth of 1%-3%.

"As global demand continues to be significantly affected, we expect volumes in the second quarter to decrease across all businesses, possibly by as much as 20%-25%," chief executive Soren Skou said.

More from RTE News here

Published in Ports & Shipping
Jehan Ashmore

About The Author

Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals. 

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