Maersk warns on slowing global trade AP Møller-Maersk downgraded its view on global trade as the Danish group warned that global demand for container shipping would be lower than it thought three months ago. The world's largest container shipping company by capacity, seen as a bellwether for world trade, said it expected global seaborne container demand to grow 2-4 per cent in 2013, down from its forecast of 4-5 per cent in February. First-quarter results showed "modest improvements in the global demand for container transport, reflecting the weak economic situation especially in developed countries," Maersk said on Friday. It warned that capacity growth was outstripping demand after Maersk and others took delivery of new, massive ships such as the Danish group's Triple-E container vessels, the largest in the world. "Conditions for the container industry remain challenging and managing supply will be even more important this year," Maersk said. Maersk increased the amount of capacity it had idled by 50 per cent in the first three months of the year. Shipping groups take vessels out of service to try to stop freight rates falling. Maersk had idled 28 ships, or 163,000 twenty-foot equivalent units, at the end of March - about 20 per cent of all vessels laid up globally - compared with 21 ships, or 107,000 TEU, at the end of 2012. The warning came as Maersk Line, the container shipping business of the Danish conglomerate, said net profit had fallen for the third consecutive quarter. It made a net profit of $204m in the first three months, up from a $599m loss a year earlier, but down from $335m in the fourth quarter. The first-quarter net profit was ahead of analysts" average forecast of $160m, according to Bloomberg. It stuck to its guidance for Maersk Line of full-year net profit above last year's $461m. But analysts believe the target is becoming more difficult with the first quarter likely to be unrepresentative of the rest of the year. Global shipping rates have slipped in recent weeks to their lowest in 15 months. At a group level, Maersk's results also exceeded analysts" forecasts in the first quarter. It made a net profit of $790m, down almost a third from a year earlier, but ahead of analysts" expectations of $726m. Maersk, which is trying to diversify itself away from shipping and expand its oil, drilling and ports businesses, stuck by its full-year outlook of this year's net profit being below 2012"s $4bn.