Maersk executives have cautioned about "dark clouds on the horizon," sliding demand "from both the US and Europe," and it's "going to be bumpy." 

The Danish shipping and logistics group released yet another warning on Friday. This time it feared a contraction in global trade would be longer and deeper than previously thought: 

The inventory correction observed since Q4 2022 appears to be prolonged and is now expected to last through year end. Based on the continued destocking, A.P. Moller – Maersk now sees global container volume growth in the range of -4% to -1% compared to -2.5% to +0.5% previously. Ocean expects to grow in-line with the market.

On Friday, Maersk CEO Vincent Clerc joined Bloomberg TV's Dani Burger and Mark Cudmore in an interview, discussing what's ahead for global trade. The shipping exec said, "Our case is not for a recession, but it is for a really subdued environment that will continue for the rest of this year."