COPENHAGEN, Denmark (AP) — The world's biggest shipping company, Denmark's A.P. Moller-Maersk, said Wednesday that it expects its transport volumes to drop by up to 25% 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 $9.6 billion from $9.5 billion for the same period last year. It booked a profit of $209 million, up from a loss of $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%.