More than a tenth of the vessels that transport the world’s manufactured goods in containers is idle. Via the NY Times From Loch Striven in Scotland to the Strait of Malacca in Southeast Asia, more than a tenth of the vessels that transport the world’s manufactured goods in containers is idle. For most, orders to sail will not come for some time.
Although world trade, which collapsed last year, is beginning to recover, driven especially by demand from developing countries, that recovery is being offset by added capacity in the large number of new container ships that will keep steaming out of the world’s shipyards.
Among those suffering most are lines like the German company Hapag-Lloyd and the Danish group A.P. Moller-Maersk, which ship boxed goods around the world. Much like the giant banks crippled by the subprime mortgage crisis, those companies are paying now for having expanded too aggressively during the boom, according to analysts.
Drewry Shipping Consultants in London estimates that the 20 or so major carriers, all Asian or European, lost $20 billion in 2009. According to Alphaliner, an industry information provider, seven smaller carriers went out of business last year, including Contenemar of Spain.
“We’ve never seen anything like this,” said Chris Bourne, executive director of the European Liner Affairs Association, or E.L.A.A. “It’s the worst situation since the start of containerization in the ’60s.” Continue reading here http://www.nytimes.com/2010/01/16/business/global/16ship.html?hpw=&pagewanted=print
Although world trade, which collapsed last year, is beginning to recover, driven especially by demand from developing countries, that recovery is being offset by added capacity in the large number of new container ships that will keep steaming out of the world’s shipyards.
Among those suffering most are lines like the German company Hapag-Lloyd and the Danish group A.P. Moller-Maersk, which ship boxed goods around the world. Much like the giant banks crippled by the subprime mortgage crisis, those companies are paying now for having expanded too aggressively during the boom, according to analysts.
Drewry Shipping Consultants in London estimates that the 20 or so major carriers, all Asian or European, lost $20 billion in 2009. According to Alphaliner, an industry information provider, seven smaller carriers went out of business last year, including Contenemar of Spain.
“We’ve never seen anything like this,” said Chris Bourne, executive director of the European Liner Affairs Association, or E.L.A.A. “It’s the worst situation since the start of containerization in the ’60s.” Continue reading here http://www.nytimes.com/2010/01/16/business/global/16ship.html?hpw=&pagewanted=print
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