Like 2021, A.P. Møller – Mærsk is being forced to revise upwards its full-year earnings guidance. Unlike last year, however, the Danish carrier is warning container volumes could actually drop – another indication of the jittery state of the global economy, buffeted by war and high inflation.

In releasing its Q1 results today, Maersk, widely seen as a bellwether for the container shipping industry, upped its full-year EBITDA by 25% from $24bn to $30bn. Importantly for the overall container markets, Maersk also said today that based on volume developments in the first quarter, it had decided to revise downwards its outlook for the growth of global container demand from 2-4% to -1/+1%.