The CEO of world's biggest shipping company warned of the 'biggest drop in demand on record' as coronavirus batters global trade | Markets Insider

"We continue to support our customers in keeping their supply chains running, however as global demand continues to be significantly affected, we expect volumes in Q2 to decrease across all businesses, possibly by as much as 20-25%."

"2020 is a challenging year, but as we proactively respond to lower demands and show progress in our transformation and financial performance, we are strongly positioned to weather the storm." that coincided with the release of the results, Skou said that if those figures come true it will represent"the biggest drop in demand on record, worse than during the global financial crisis.""The lockdowns, first in Asia and then across Europe and North America have led to significantly lower demand, which affects all parts of the business," the company said in itsMaersk added that it cancelled more than 90 sailings, equivalent of 3.

Maersk expects container demand to further weaken in 2020 although the company said it is not possible to be more precise about the development due to uncertainties surrounding COVID-19. Screenshot/Markets Insider

FFA - forward freight agreements are “canaries in the coal mine” of future international commerce.

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