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Tariffs should not have a “massive impact” on trade this year as consumer sentiment remains strong, the boss of Danish container shipping giant AP Møller-Maersk has said.
Vincent Clerc told the Financial Times that he did not expect tariffs to affect volumes much this year as the world’s second-largest container shipping line — seen as a bellwether of globalisation — forecast demand growth of 4 per cent for 2025 compared with last year.
Clerc was speaking as the company announced earnings before interest and tax for 2024 of $6.5bn, up 65 per cent on 2023. Revenue rose 8.6 per cent to $55.5bn. The company said the profits were the third-best in the company’s history.
“The reason why we don’t expect a massive impact is what really matters is not tariffs but what the purchasing power of consumers looks like,” Clerc said.
Container shipping lines have received a boost from diversions around the normal Asia to Europe route through the Red Sea and Suez Canal to avoid attacks by Iranian-backed Houthi rebels. Vessels have instead sailed round the Cape of Good Hope, lengthening voyages and sharply reducing the effective availability of ships.
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