"The transpacific market is clearly returning to some kind of normality, with the US and Asian economies linked and imports from Asia vital to US consumers and businesses," said TSA chairman and Hanjin Shipping chief YM Kim.
Citing Alphaliner industry analysts' forecast that Asia-US cargo will experience a 12 per cent growth by the year end, TSA said the Paris-based agency estimated that transpacific capacity rose 18.6 per cent in the year since November 2009.
Overall, there were 15 new and restored services launched in the first three quarters, including three new service providers, to cater for the increasing demand, in part the result of improved rate levels.
Mr Kim stressed that it is essential to upgrade the service levels to satisfy the changing needs of customers. "Maintaining a stable infrastructure for the movement of goods is no less important today than in past years, and that will take sustained levels of carrier investment over time."
He also said carriers should pay attention to their financial stability. "Carriers have experienced solid revenue growth across their entire networks in 2010, but two strong quarters in the transpacific - a highly competitive freight market with very thin margins - still does not offset two years of heavy losses," he said.
"We said last year that we would not seek to recover all our losses in one year."
TSA executive administrator Brian Conrad said carrier operating costs have been rising, including labour, container handling, inland transport as well as both purchase and leasing of container equipment due to a global shortage.
Also, appreciation of some Asian currencies has raised currency costs, pegged with US dollar-denominated freight rates. "Individual lines would be discussing with customers in greater detail the background to their revenue and cost recovery objectives as contract negotiations move forward," said Mr Conrad.
Source : HKSG, 23.11.10.
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