Moller-Maersk (MAERSKb.CO) lowered its estimate for global container trade this year as companies reduce inventories and higher interest rates and recession risks in Europe and the United States drag on global economic growth.
The company, one of the world's biggest container shippers, said it expects container volumes to fall by as much as 4%.
Maersk controls about one-sixth of global container trade, transporting goods for retailers and consumer companies such as Walmart (WMT.N), Nike (NKE.N) and Unilever (ULVR.L).
The International Monetary Fund last week said that it expects global economic growth to slow this year, led by advanced economies even as food prices have come down and the March banking turmoil has been contained.
It expects the global growth to slow to 3% this year and next, from 3.5% last year.
Persons:
Jon Nazca, . Moller, Mark Read, Grey, Sophie Lund, Yates, Hargreaves Lansdown, Swift, David Jackson, Josephine Mason, Catherine Evans, Deepa Babington
Organizations:
Triple, Majestic, REUTERS, Maersk, WPP, Walmart, Nike, Unilever, Reuters, Ogilvy, Apple, Amazon.com Inc, Companies, Global, Nissan, Caterpillar, Monetary Fund, DHL Group, Thomson
Locations:
Strait, Gibraltar, Algeciras, Spain, U.S, Europe, United States, Beijing, slowdowns, China