Danish group expects volumes to crash by up to 25% in the second quarter when the impact of the coronavirus pandemic will hit home. But chief executive Søren Skou says it is "strongly positioned to weather the storm"
Chinese contracts for new ships set to fall to the lowest level in 19 years in 2020.
Blankings and idling have kept freight rates artificially high. But demand for goods will remain depressed this year and any recovery will be slow.