SIMIC

Copenhagen-based Maersk said container volumes declined seven per cent between January and March. The company now expects growth in global container demand to slow this year to between minus one per cent and plus one per cent, compared to its previous expectation of two to four per cent growth.

The shipping industry has seen record profits in recent quarters as a surge in consumer demand, pandemic-related bottlenecks in US and Chinese ports and more recently an airspace closure following Russia's invasion of Ukraine prompted a spike in freight rates.

But the forecast from Maersk, with a market share of around 17 per cent, according to Alphaliner, is likely to be seen as a negative sign for the global economy.

Swiss logistics group Kuehne & Nagel also reported a dip in container volumes in the first three months of the year.

Maersk revised its guidance for the full year upwards, with underlying earnings before interest, tax, depreciation and amortisation (EBITDA) expected to be about US$30 billion compared to $24 billion previously expected and $28.7 billion forecast by analysts in a poll gathered by the company.

The guidance was based on an "assumption of normalisation in ocean shipping early in the second half of 2022", it said.