Maersk Line is expecting an improvement in the container shipping market ahead of traditional peak season in the third quarter.

“We expect the market to pick up towards the third quarter of 2016,” Maersk Line ceo Søren Skou said, commenting on the line’s Q1 results which were released on Wednesday.

“Our network is now operating with very high utilisation and our vessels are full in the Asia-Europe trade. In this quarter, we expect some upward price momentum ahead of the traditional peak in the third quarter,” he said.

Maersk reported a $37m profit in the first quarter of 2016, compared to a $714m profit the same period a year earlier.

“Our first quarter result is not satisfactory, though as expected. In a market with record low freight rates, we won market share, drove down cost and continued to deliver positive free cash flow, enabling us to fund our own growth,” Skou commented.