Shipping companies last year lost between 20 and 30 billion dollars collectively, pointed out the head of the Swedish shipping global leader. Maersk itself is expecting losses of around 2.8 billion dollars for last year.

The United States and Western Europe had suffered dramatic falls in cargo volumes while China and other developing economies, including India, were upholding global trade.

“Cargo volumes are depressed - Andersen highlighted - but the biggest issue last year wasn't the fact we had ships laid up and a decline in global trade, the biggest issue was that freight rates went down dramatically," he said as published in Nzherald.co.nz and reported by Freshplaza.com.

Rates fell by around 30% last June, although there has been some recovery since then. “They're still not in a range where the lines can make a profit - it's realistic to assume the rates will go up still."