SeaNews Turkey - Shanghai International Shipping Institute doubts 2012 will bring recovery

Sunday, 19.May.2013, 21:42 (GMT+3)

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Shanghai International Shipping Institute doubts 2012 will bring recovery

Shanghai International Shipping Institute doubts 2012 will bring recovery

THE Shanghai International Shipping Institute's (SISI) latest report said the world economy growth will carry the trend of slowing down into 2012 while shipping capacity continues to outgrow demand, indicating a depressing outlook for the year, Xinhua reports.
Thursday, 02.Feb.2012, 02:58 (GMT+3)

THE Shanghai International Shipping Institute's (SISI) latest report said the world economy growth will carry the trend of slowing down into 2012 while shipping capacity continues to outgrow demand, indicating a depressing outlook for the year, Xinhua reports.

Last year, the world shipping market had been hard hit with rates falling, fuel price hikes, hot money outflow and cash flow shortage. Carriers recorded common loss. Some even filed for bankruptcy protection.

This year, things are still going to be hard for the carriers, said SISI researcher Zhou Dequan, as demand in Europe and America continues to shrink, the container shipping market will stay stagnant, he added. In the meanwhile, these regions will encourage export to create more job opportunities, while trade protectionism worsens.

Container shipping volume is predicted to reach 160 million TEU by the end of this year, up six per cent year on year. However, there will be new ships with a total capacity of 1.5 million TEU be delivered this year, up seven to nine per cent year on year. The report said some gain was possible if carriers reach consensus on capacity. Otherwise profitability will stay at the same level as in the latter half of 2011.

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