Shipping group A.P. Moller-Maersk warned of a sharp drop in global container volumes due to the coronavirus pandemic, with weaker retail sales and depressed car production dampening demand.
) warned of a sharp drop in global container volumes due to the coronavirus pandemic, with weaker retail sales and depressed car production dampening demand.
Maersk, which also reported a 23% rise in first-quarter core profits on Wednesday, now expects global container demand to contract this year, after previously forecasting growth of between 1% and 3%. Maersk, which handles one in every five containers shipped by sea worldwide, had idled almost 10% of its fleet capacity at the end of March. It plans to take more vessels out of service to match the slowdown in container trade and keep freight rates from falling.
To meet demand for e-commerce shipments, which have been impacted by the halt of commercial air traffic, Maersk had launched a new service where it loads small packages on a container vessel in China and ships them to Los Angeles for further distribution.
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