Container company Muller-Maersk said, on Wednesday, that it warned on Wednesday of increased economic risks, including a possible recession and the closure of Chinese factories.
Morskin CEO Soren Squee told the Financial Times that the current second quarter was the fastest growing in the first three months, making it the most profitable in the Danish group’s 114-year history.
But he added, “We consider the second half a stagnation and default. The visibility is very low. More importantly, with Government Policy No. 19, we are seeing new risks to the economy in China, where these strict restrictions are in place. Rating down due to higher oil prices.”
Maersk, which transports more than one in six sea containers, is one hour of global trade. This exacerbated expectations for the growth of the freight sector this year to a slight decline last week.
It improved its forecast for profit for the year to $24 billion from operating profit of $19 billion in February. “The current speed is enough to get us upgraded,” Skou said Wednesday.
However, Skou noted that some economists expect a recession in the US later this year, although “very fast.”
“We will see lower growth in the second half of this year and next year due to a number of factors,” he said, noting waning consumer and business confidence in Europe and the United States and declining Chinese export orders.
Scoo said Maersk’s blocks were suffering less as the “amazing” sixth week in Shanghai ended. However, this is not a drama yet.
The company’s after-tax profit was $6.78 billion in the first quarter, compared to $2.7 billion in the same quarter of 2021.
