The world's biggest shipping company, Denmark's AP Moller-Maersk, said Wednesday that it expects its transport volumes to drop by up to 25 percent in the second quarter as the world economy slides toward recession.

CEO Soeren Skou said that the group was strongly positioned to weather the storm but that the COVID-19 crisis had had a significant impact on its activities.

The group presented its first quarter results, which showed revenue edged down to USD 9.6 billion from USD 9.5 billion for the same period last year. It booked a profit of USD 209 million, up from a loss of USD 656 million.

In a statement, the group said its full-year outlook contained high uncertainties, and the global container demand is expected to contract in 2020 due to COVID-19. It previously was for growth of 1-3 percent.