AP Moller-Maersk has cut $600m from its full year profit guidance amid deteriorating conditions in the container shipping market.
The Danish giant had projected a profit of $4bn for 2015 but sliced that figure to $3.4bn today sending its stock into reverse.
“Market conditions world-wide have been weaker than the group expected," a statement said.
"Particularly the container shipping market deteriorated beyond the group's expectations especially in the latter part of Q3 and October.
"The group now expects no market recovery within 2015.