COPENHAGEN (Reuters), – Container shipping problems could become worse as a consequence of China’s new COVID-19 locking down measures in China. This was the warning from Maersk, a shipping company.

Maersk is often used as a gauge of international trade.

In its earnings report for the quarter, the company stated that “further challenges are arising from the ongoing COVID-19 Lockdowns in China” and although the effect in the first quarter was limited, it could worsen the congestion environment as the situation evolves.

Copenhagen-based container company, SINTEF has confirmed its positive first quarter results and its prediction that the global demand for containers will slow down to between plus 1% to minus 1% this year. This is a contrast to its earlier expectation of 2-4%.

Maersk is one of the most important container shippers worldwide with around 17% of market share. It also stated that although consumers have spent more money on products than they did services like travel and restaurants during the pandemic, this was unlikely to change.

The company stated that the COVID-19 pandemic had had a limited impact on the world economy. However, the spending composition is expected to shift towards services and consumers may adjust their spending plans due to sharply rising costs for certain goods.