Expected expansion in world trade at sea is not happening

London

LITTLE more than a year ago, shipping companies hauling everything from furniture to electronics across the world's oceans were looking forward to a period of surging demand. It didn't work out that way and they're still suffering now.

Seaborne trade, measured by the industry in 20-foot steel boxes, was meant to expand 7 per cent to 182.1 million units, the strongest growth in four years, Clarkson plc was anticipating at the end of 2014. The actual increase turned out to be less than half that amid weakening global growth, according to the world's largest shipbroker. With fleet capacity also swelling, rates for the ships have slumped.