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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Porsche posts Q1 profit drop on ramp-up costs
Air China orders homegrown C919s in challenge to jet duopoly
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US