SIMIC

Maersk stated a surge in consumer demand, pandemic-related congestion in major ports, and an airspace closure following Russia's invasion of Ukraine have slowed down container shipments and prompted a spike in freight rates.

"Further challenges arise from the ongoing Covid-19 lockdowns in China, and while the impact in the first quarter is limited, it may worsen the congestion environment in coming quarters as the situation develops," said Maersk.

The company forecasted that growth in global container demand will slow minus one per cent and plus one per cent, compared to its previous expectation of two to four per cent growth.

Maersk also declared that although consumers spent more on goods during the Covid crisis, that was likely to change.

"A reduced impact from the Covid-19 pandemic should support the global economy, but the composition of spending is likely to rebalance towards services, and sharply rising prices for some goods may lead consumers to adjust their spending plans," said Maersk.