The Copenhagen-based Maersk shipping group warned Wednesday that demand for transport and logistics is slowing amid a looming global recession the company expects to continue into 2023.
“It is clear that freight rates have peaked and started to normalize during the quarter, driven by both decreasing demand and easing of supply chain congestion,” Maersk CEO Soeren Skou said in a statement.
“With the war in Ukraine, an energy crisis in Europe, high inflation and a looming global recession there are plenty of dark clouds on the horizon,” he said.
Company shares were down 4.4 percent at 0839 GMT, with the firm predicting a two to four percent drop in global container demand this year, Reuters reported.
Maersk is one of the world’s largest container shippers, and is seen by many as a barometer of global trade.