A.P. Moller-Maersk's chief executive said on Thursday he expects a "modest" pick-up in trade for the upcoming holidays this year amid concerns about the slowing economy and consumer demand.

Ocean freight volumes will be flat or lower this year, Soren Skou said in a Reuters Newsmaker interview.

U.S. consumers aren't buying as much as they did during the pandemic and confidence has been hurt by Russia's invasion of Ukraine, though there is still congestion in global supply chains, he said.