SIMIC

The news is led by a rebound in demand for intra-Asia services.

Nevertheless, the current reality could see Maersk and its liner peers forced to change their networks, adapting services to meet a short-to-longer-term reduction in demand.

Maersk stated the global economic outlook appeared to be deteriorating against a background of slowing growth and elevated inflation levels.

"As a result, global container volumes are continuing to fall, with negative growth in virtually all the main markets, causing Maersk to reduce capacity on major ocean trades from Asia to match demand," said the report.

However, Maersk regional head of ocean management Morten Juul remains positive. "The demand for ocean transport is stabilising, and we are adjusting our network to match the new reality," he said.

However, the demand slump resulted in container spot rates collapsing. Short-term rates from China to North Europe have plunged 75 per cent since August.

A UK-based carrier stated that something has to be done to adjust supply to meet the demand, bringing stability to the market and enabling shippers to plan their supply chains.

"At the moment, it's complete chaos out there, and the last-minute blankings don't help at all. But getting the partners to agree on a loop suspension is another matter," said the carrier.