London (CNN Business) Maersk, the world's largest container shipping company, has warned of a "very weak" start to the year as the coronavirus keeps factories shuttered in China and dents demand for the transport of goods.

The Danish ship operator said Thursday that it has canceled more than 50 trips to and from Asia since the Lunar New Year holiday was extended because of the outbreak. Shipping rates are expected to decrease as demand slips , the company said in an earnings report.

"We estimate factories in China are operating at 50% to 60% of capacity," CEO Søren Skou said on an earnings call.

Maersk expects production to ramp up to 90% by the first week of March, but Skou cautioned that "obviously there are still a lot of uncertainties."

In an interview with Julia Chatterley on CNN Business' First Move, Skou said that with 30% of the company's business related to China, the impact from the virus is "quite substantial." What matters most, he said, is what happens in the coming weeks.

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