Saturday, March 07, 2009
Maersk report on the market for container shipping
Saturday, 07 March 2009
Global growth reached 5.0% in 2008, down from 9.0% in 2007 Global growth in the container shipping market amounted to approximately 5.0% in 2008, compared to 9.0% in 2007, while the total increase in new tonnage was 15% in 2008, at the level of the increase in 2007 Development differed for the individual trades. The overall development in volumes for the trades between Asia and Europe was moderately positive in 2008, but subject to a considerable decrease in the fourth quarter. Volumes for the Transpacific trades fell marginally from 2007, affected negatively by lower volumes to the US, but positively by increased exports from the US, among other things due to the lower USD exchange rate in the first nine months of the year. Other markets developed positively in 2008, although the development in the fourth quarter was negative for most markets due to global economic trends. The development in base freight rates in 2008 reflected this situation. Rates to the US were low throughout the year.
Rates for the Asia to Europe trades began the year at a reason able level, with a falling trend during the year, and strong decreases in the fourth quarter of 2008, as a consequence of declining volumes and a large increase in new tonnage. The development in fuel prices had a significant impact on rates throughout 2008.
In view of the negative development in volumes and rates several container shipping companies began to take vessels out of service. In the second half of 2008 a total weekly capacity of 40,000 FFE was taken out of the trades between Asia and Europe.
Source: Analytiqa
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