Coronavirus: 25 pct drop in container demand, predicts megashipper A.P. Moller-Maersk

Several ship to shore cranes stack shipping containers on-board the container ship Maersk Semarang at the Port of Savannah in Savannah, Georgia. (File photo: AP)

The world’s biggest shipping company, Denmark’s A.P. Moller-Maersk, said Wednesday that it expects its transport volumes to drop by up to 25 percent in the second quarter as the world economy slides toward recession.

CEO Soeren Skou said that the group was “strongly positioned to weather the storm” but that the COVID-19 crisis had had “a significant impact”on its activities.

For more coronavirus news, visit our dedicated page.

The group presented its first quarter results, which showed revenue edged down to $9.6 billion from $9.5 billion for the same period last year. It booked a profit of $209 million, up from a loss of $656 million.

For all the latest headlines follow our Google News channel online or via the app

In a statement, the group said its full-year outlook contained “high uncertainties,” and the global container demand “is expected to contract in 2020 due to COVID-19”. It previously was for growth of 1-3 percent.

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54
Top