Maersk CEO: Global trade will never reach pre-crisis heights

A.P. Moller–Maersk Group’s chief executive has warned that global trade will never return to pre-crisis growth levels, citing western companies manufacturing goods nearer home as a significant factor.

The head of the world’s biggest shipping line forecasts global trade to grow by 4% this year, noting that ten of the 13 rivals Maersk tracks made losses in the first half of 2014 as overcapacity became a more prominent issue.

Nils Andersen, Maersk’s chief executive, told the Financial Times: “Before, [trade growth] used to be double-digit globally, but we don’t see that coming back. Four to 5% is a realistic long-term trend. Provided the capacity is adjusted, this is a nice market to be in.”