Maersk looks to emerging markets
23 December 2011 Last updated at 03:32 GMT
Container giant Maersk brought more shipping capacity onto the market just as the global economy took a turn for the worse.
The downturn in consumer confidence in advanced economies continues to hit the shipping trade, and the high oil price is also having an impact.
But Thomas Knudsen, Maersk Line's chief executive of Asia Pacific, tells the BBC that emerging markets continue to grow and the company is hoping that in 2012 they will help offset problems elsewhere.