COPENHAGEN, Aug 4 Reuters Shipping group A.P. MollerMaersk warned on Friday of a steeper decline in global demand for shipping containers by sea this year prompted by muted economic growth and customers reducing inventories.

The company, one of the world39;s biggest container shippers with a market share of around 17, said it expects container volumes to fall by as much as 4. It had previously forecast a decline of no more than 2.5.

Maersk, one of the world39;s biggest container shippers with a market share of around 17, transports goods for retailers and consumer companies such as Walmart, Nike and Unilever.

Maersk continue to expect muted global macroeconomic growth given continued pressure from higher interest rates and potential recessionary risk in Europe and the United States, the company said in a statement.

Maersk posted record earnings last year due to high freight rates caused by high consumer demand and pandemicrelated log jams at ports. But freight rates have tumbled this year amid a global economic slowdown.

The company on Friday posted secondquarter earnings above expectations and narrowed its profit forecast for the year.

Earnings before interest, tax, depreciation and amortisation EBITDA fell to 2.91 billion in the quarter from 10.3 billion a year earlier, beating analysts39; expectations of 2.41 billion in a Refinitiv poll. Revenues fell 40 to 13.0 billion.

It now expects underlying EBITDA between 9.5 billion and 11 billion. It had previously…