THE world container shipping market is expected to see a slowdown in recovery this year, according to a report from the China Federation of Logistics and Purchasing (CFLP), Xinhua reports.
The CFLP assessment falls into line with the recent forecast recently issued by the Chinese Academy of Sciences' Centre For Forecasting Science.
The report points out that demand in emerging markets will remain at a high level over the next five years. As port facilities continue to upgrade, the need for container shipping is still expected to grow and keep a steady upward track in 2012. But recovery of transpacific and Asia-Europe trades will be slow, while south east Asia, Australia, New Zealand, South Africa and Latin America trade lanes will enjoy a faster recovery.
As a large number of new ship orders were placed between 2003 and 2008, many newbuilds were deployed from 2005 to 2010, most of them mega-ships. Shrinking demand plus overcapacity has resulted in lower rates. The delivery of new vessels is expected to decrease in the next two years, helping to relieve the situation.
Zhang Yongfeng, writer of the report from Shanghai Maritime University, said that the carriers have rolled out a number of capacity control measures including shelving part of the ships, slow steaming, launching new lines and scrapping old ships. Capacity supply and demand is expected to remain rational this year.
Source : HKSG, 02.08.11.
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