Sustained shipping recovery an 'illusion': Hamburg Sued chief

Hamburg

CONTAINER shipping won't experience a sustainable recovery from its seven-year slump as new vessels enter service and cement overcapacity in the market, according to Hamburg Sued, Germany's second-biggest maritime carrier.

"We don't have the illusion that this is an unusually long downturn, but that the industry is undergoing a structural change," chief executive officer Ottmar Gast said. "Just look at the airline industry, which on the whole has hardly made money in the last 20 years."