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Soren Skou, CEO of Maersk Line, agreed, but showed optimism for the future.
"The continued lack of demand and over-capacity resulted in sharply declining rates from the second quarter and onwards," Skou said to CNBC. "We expect the container shipping market to grow a bit more in 2016, but it will still be a challenging year. Not least as over-capacity and a large order book, sufficient for many years of growth, plague the industry."
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Brendan Menapace
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Brendan Menapace is the content director for Promo+Promo Marketing.
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