-
The CEO of world's biggest shipping company warned of the 'biggest drop in demand on record' as coronavirus batters global trade
Maersk, the world's biggest shipping company, expects volumes across all businesses to contract as much as 25% in the second quarter as coronavirus has battered global trade. Soren Skou, Maersk's chief executive said in an earnings release: "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 ... (full story)