Maersk Group, which holds a presence in over 130 countries worldwide, warned that it was facing conditions significantly worse than the global financial crisis as it plunged to a large net loss as global trade ground to a halt last year. The Danish shipping-to-oil conglomerate has been hit by the slump in both petroleum prices and container freight rates in what its chief executive described as a “massive deterioration” in its business. Nils Andersen told the Financial Times: “It is worse than in 2008. The oil price is as low as its lowest point in 2008-09 and has stayed there for a long time and doesn’t look like going up soon. Freight rates are lower. The external conditions are much worse but we are better prepared.” Maersk’s shares, which have nearly halved in the past 10 months.
When global shipping tanks, that means economies are tanking. Negative rates in Japan, slowing growth world wide as shown by empty ships. We are heading into troubled waters.
If you don't read the newspaper you are uninformed, if you do read the newspaper you are misinformed. -- Mark Twain