One of the world’s largest port and terminal operators has warned the global shipping and supply chain crisis that is leaving shelves empty on the high street can be resolved only by a slowdown in consumer demand.
Morten Engelstoft, chief executive of Maersk-owned APM Terminals, said a “vicious circle” had been created by surging demand putting strain on container groups, suppliers and logistics companies as they struggled to deliver goods.
“We need to work out how we break this vicious circle,” said the boss of APM, the ports and terminal division of the world’s biggest shipping group, in an interview with the Financial Times.
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