The head of leading container shipping firm Maersk Line has told a German newspaper that the company will not cut its freight rates to win additional market share, despite anticipating stagnation in the liner shipping business next year.
'We are pretty disappointed by what we've seen in April and May,' Eivind Kolding told Financial Times Deutschland in an interview published today, adding that growth in shipping volumes worldwide next year was unlikely.
According to Mr Kolding, Maersk Line is not currently seeking to increase its share of the market, something he said would pile further downward pressure on freight rates.
The percentage of total shipping capacity being used worldwide is expected to decline during the course of the next 12 months. Mr Kolding said he expected this to accelerate consolidation and capacity reduction within the sector.
He added that Maersk would consider playing an 'active role' in takeover activity during the next few years.
