A.P. Moller-Maersk A/S, a bellwether for global trade, cut its forecast for the global container market, saying demand will shrink as much as 4% this year and could also contract in 2023 as an economic slowdown weighs on bookings.

The industry, which has since the pandemic charged higher prices and booked record profits on the back of supply-line disruptions and a shortage of shipping capacity, is facing an abrupt wake-up call as congestions are easing. The global economic slowdown, coupled with rising inflation, also reduces the demand for consumer goods.