COPENHAGEN (Reuters) – Shipping group A.P. Moller-Maersk (MAERSKb.CO) said on Thursday the coronavirus outbreak would weigh on earnings this year, as it reported fourth-quarter profit below expectations.

Maersk, the world’s biggest container shipping firm, said it expected a weak start to the year because factories in China were closed for longer than usual after the Chinese New Year holiday.

“The outlook for 2020 is impacted by the current outbreak of the coronavirus in China, which has significantly lowered visibility on what to expect in 2020,” Maersk said.

It said it still expected global container demand to grow by 1% to 3% this year, compared to 1.4% last year and 3.8% the year before.

China’s fast-spreading coronavirus has thrown the global container shipping trade off balance, with lines re-routing cargoes and reducing calls to Chinese ports, setting the scene for months of delivery delays.

Maersk, which handles one in every five containers shipped by sea worldwide, said fourth-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $1.46 billion, lagging the $1.51 billion forecast by 24 analysts in a consensus poll compiled by Maersk.

The shipping firm said it expected 2020 EBITDA of $5.5 billion, compared to $6.0 billion expected by analysts and the $5.7 billion achieved last year.