As bad as the ongoing supply chain crisis has been thus far, it is going to get much worse, according to the world's global trade barometer Maersk, a Danish company.

The company, "one of the world's largest container shipping firms, on Wednesday posted record profit for the third quarter on the back of high ocean freight rates, but noted a slowdown in demand," CNBC reported.

The outlet added:

The Danish giant, widely seen as a barometer for global trade, reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $10.9 billion for the quarter, above consensus analyst projections of $9.8 billion and up around 60% from the same period a year ago.

The company confirmed its full-year guidance for underlying EBITDA of $37 billion and free cash flow above $24 billion.

Soren Skou, the shipper's CEO, said that the company's "exceptional results" this year were in large part due to the continued rise on ocean freight rates. He also said, however, that it has become obvious that those rates have now peaked and should begin slipping back to normal during the fourth quarter as global demand falls and the supply chain that is clogged by the China virus pandemic and continued factory shutdowns there begins to ease somewhat.