[090811.EN.SEA] Europe Container Growth Slows On Fears Of Default: Global Port Tracker

THE weakening of southern members of the European Union is dampening container growth with import and export container trade in Europe forecast slight growth, according to the Hackett Associates' report Global Port Tracker: North Europe Trade Outlook.

The six north Europe ports of Le Havre, Antwerp, Zeebrugge, Rotterdam, Bremen/Bremerhaven and Hamburg inbound and outbound container volumes declined from their March high impacted by the economic turmoil and slowing Asian trade growth projected as low as five to six per cent.

Total volumes at the six ports in May increased by single digit growth year-on-year to 5.6 per cent from April to 3.48 million TEU while Le Havre and Zeebrugge showed declines.

The six northern ports import volumes increased month on month in May by 6.9 per cent, an increase of 9.3 per cent year over year with 2011 forecasting a 9.9 per cent uplift. During the third and fourth quarters imports increased 2.4 per cent and 0.2 per cent respectively, exports by 1.6 per cent and 0.1 per cent.

Hackett Associates founder Ben Hackett said in a report from Newark's Journal of Commerce that the rate of growth is slowing and it will get worse: "We are now faced with the spectre of Italy, Spain, Portugal and Ireland all having to adjust their fiscal policies and wondering whether the northern EU can afford to come to the rescue."

Source : HKSG, 08.08.11.