COPENHAGEN, Denmark (AP) β The worldβs biggest shipping company, Denmarkβs A.P. Moller-Maersk, said Wednesday that it expects its transport volumes to drop by up to 25% in the second quarter as the world economy slides toward recession.
CEO Soeren Skou said that the group was βstrongly positioned to weather the stormβ but that the COVID-19 crisis had had βa significant impactβ on its activities.
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.
In a statement, the group said its full-year outlook contained βhigh uncertainties,β and the global container demand βis expected to contract in 2020 due to COVID-19.β It previously was for growth of 1-3%.