Companies

Maersk expects the shipping industry to be hit by a slowdown

In November, Maersk said it would cut 10,000 jobs, seeking savings of $600 million

Global container trade will probably expand 2.5 per cent to 4.5 per cent this year, Maersk said

Maersk, one of the largest shipping companies in the world, has warned that it expects the shipping industry to be hit by a slowdown later this year.

The slowdown is expected after the current boost to freight rates from the Red Sea conflict evaporates.

“While the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually the oversupply in shipping capacity will lead to price pressure and impact our results,” ...