World’s Biggest Container Shipper Warns of 25% Slump in Volumes
The world’s largest container line is bracing for an historic slump in demand.
A.P. Moller-Maersk A/S, which controls about one-fifth of the global fleet used to transport goods by sea, has warned that the fallout from Covid-19 will drive volumes down by as much as 25% this quarter.
The bleak signal from Maersk follows a warning from theWorld Trade Organization last month that the pandemic could result in the worst collapse in international trade flows since World War II.
Copenhagen-based Maersk said the coronavirus pandemic has already “had a significant impact on the activity level.” The company now sees the global container market contracting this year, compared with a previous forecast for growth of somewhere between 1% and 3%.
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