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AP Moller-Maersk, the world's largest container company, spies heavy storm clouds.
In a call for results today (21 February), CEO Soren Skou predicted problems for the company in the coming months. A trade war is under way – and it's only just beginning – he said (paywall): "Even though China and the United States are settling their differences and concluding a trade agreement, the trade tensions are not for as much resorbed – it means that the United States is shifting their focus more to Europe and we have another round there. "
It's without even starting to think about the consequences of an increasingly controversial Brexit.
The profits of the company have already been affected by these tensions. Skou said he expects further earnings cuts in the coming months, which would drop the Maersk share price by 10%.
It is not just the trade war that should worry investors. "We clearly see declining world economic growth," said Skou, highlighting the particular weaknesses of China and Europe.
It expects container demand to drop by almost 80% this year. Carolina Dybeck Happe, CFO, said even more clearly: "We have a slowdown in China. We have Brexit. Hard or not, we have weaker economic prospects. "
Aside from the arrival of the kraken, it is hard to imagine any worse news for a shipping company – or global trade in general.
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