The shipping industry is in crisis with sector giant AP Moeller-Maersk reporting plunging profits and its boss saying conditions are now tougher than after the global financial crash.

The Danish-based business reported that annual profts had collapsed, falling 84pc after its oil unit was hit by lower energy prices and its container division battles anaemic growth in global trade and overcapacity in the market.

"It is worse than in 2008," said Nils Anderson, chief executive, speaking to the Financial Times. "The oil price is as low as its lowest point in 2008-2009 and has stayed there for a long time and doesn't look like going up soon.

"Freight rates are lower. The external conditions are much worse but we are better prepared."

Maersk posted net income of $791m last year, against $5.02bn in 2014, sending its shares down almost 4pc after the results came in far below the $3.7bn analysts had been expecting. The performance was dragged down by a $2.6bn writedown on the value of Maersk's oil assets.