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It’s rare that major economies all grow at the same time. For investors that’s sometimes frustrating. There’s always at least one country—Brazil, Russia, wherever—blotting a multinational’s otherwise decent set of numbers.

For many folks, 2016 has been a year to forget, and the shipping industry is no exception. But looking ahead, A.P. Moller-Maersk A/S is determined to put a positive spin on things — maybe too positive.

It's hard to think of two more challenged industries than oil and shipping. AP Moller-Maersk A/S's misfortune is to be heavily involved in both. Investors were starting to hope the worst was over.

It's a sign of stunted investor expectations when an 89% slide in quarterly profit triggers a 3% share price jump.

Passenger air travel is booming — but in freight, growth in capacity has outpaced tepid demand. For airlines, freight companies and aircraft manufacturers that means lost revenue and wasted capital. Removing this surplus is essential but it won't be painless.