Global trade is likely to slow this year as western economies tip into recession, according to the chief executive of the world’s second-largest container shipping group AP Møller-Maersk.
Søren Skou, head of the Danish group, told the Financial Times that after years of bumper profits, the bellwether of global trade is expecting earnings, demand and shipping freight rates to shrink because of falls in consumer confidence and consumption.
“We see a recession looming . . . On the one hand, we have never delivered such a great result financially, but every indicator we are looking at is flashing dark red. Clearly, we expect a slowdown, we expect lower earnings going forward,” Skou said.
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