Maersk: US-China trade war will swing world container demand

A.P. Moller-Maersk, the world’s second-largest ocean carrier, said global container demand this year hinges on the outcome of U.S.-China trade negotiations.

The parent of Maersk (MAERSK-B.CO) on Thursday revised its full-year volume outlook from a decline of 1% to a gain of as much as 4%. It previously had forecast an increase of 4%.

“Three months ago when we gave our guidance, the 145% tariffs on China was not what we thought was going to happen,” Maersk Chief Executive Vincent Clerc said in an earnings call. “We don’t know how this is going to play out.”

Maersk saw revenue grow 7.8% to $13.3 billion in the first quarter, ending March 31, while pretax earnings increased to $1.3 billion from $177 million a year ago.