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A.P. Moeller-Maersk cut its profit forecast for 2015, citing a weaker container shipping market as the outlook for global growth becomes gloomier.

The owner of the world’s biggest shipping line now sees underlying profit of about $3.4 billion compared with a previous forecast for $4 billion, according to a statement to the stock exchange Oct. 23.

“Particularly, the container shipping market deteriorated beyond the group’s expectations, especially in the latter part of the third quarter and October,” the company said. “The group now expects no market recovery within 2015. Initiatives have been taken to adjust Maersk Line’s network accordingly.”

Nordea Senior Analyst Jesper Grandjean Bamberger said the profit warning wasn’t unexpected, but it was bigger than estimated.

Container rates have been falling amid concern that China’s economic growth is slowing. Bloomberg Intelligence said Oct. 23 that the World Container Index touched a record low for a third straight week, with two of the eight trade lanes in the rate composite at all-time lows.

Maersk Line’s average freight rates were 19% lower in the third quarter versus the same period a year earlier, the company said. The shipping line also carried fewer containers than it had expected as shipments only rose 1.1%.

Maersk said none of its other units — which include an oil explorer, a drilling division and a port operator —is changing its full-year forecast. The group’s preliminary third-quarter net income will be $778 million, or $662 million in underlying terms, it said.

The profit downgrade in Maersk’s shipping business shouldn’t frighten investors away, according to Goldman Sachs.

“Notwithstanding the significant downgrade to guidance, we believe Maersk’s valuation remains attractive,” Patrick Creuset, an analyst with Goldman Sachs in London, said in a note. ‘We also see no balance-sheet risk given low leverage.”

Maersk Line said last week it will take capacity out of the Asia-to-Europe shipping lane to address declining demand and lower rates. The company also has flagged that it intends to charge higher prices.