The shipping industry might be suffering a tough period of overcapacity but chief executive of oil and shipping giant, Moller-Maersk, told CNBC that his company was prepared to weather the storm to defend its 15 percent share of the global container shipping market.
"We don't want other companies to leapfrog us and to be more aggressive on investments, so we are going to defend our market-leading position and that means we will expect to grow a little bit ahead of the market in most years," Nils S. Andersen told CNBC this week.
Andersen conceded that the shipping industry environment was currently "pretty difficult," however. Of late, the shipping industry has been dogged by overcapacity -- following a boom in ship orders that coincided with the economic downturn -- and the subsequent decline in freight rates.
Its latest second quarter financial results released in August, Maersk Line's net profit had fallen 7.3 percent year-on-year, to $507 million (from $547 million) on the back of falling freight rates – what it called "deteriorating market conditions" -- on the Asia-Europe trade.