Maersk Sees Global Trade Contracting as Much as 2.5% in 2023

(Bloomberg) — A.P. Moller-Maersk A/S, a bellwether for global trade, said “muted” economic growth is set to push the world’s container shipping volumes down by as much as 2.5% this year.

The shipping market has normalized after two years of exceptionally high freight rates, when supply snarls and a shortage of vessels allowed Maersk and its rivals to charge higher prices for their services and pocket record profits.