EUROPE's peak season has not materialised and this is having a demoralising impact on the Asia-Europe container trades, Hackett Associates' Ben Hackett told Lloyd's Loading List.
"I see the European trade from a very pessimistic point of view," said Mr Hackett. "The only bright sign is the transpacific trade where the US economy is growing nicely and trade volumes are also up.
Chris Chase, business development manager from the Port of Los Angeles agreed, saying southern California was enjoying a record boom.
Containerised imports at the port complex of LA-Long Beach posted a solid seven per cent year-on year growth.
Mr Chase suggested that September was also busy and likely to exceed 700,000 inbound loaded TEU at LA. Entering the port's busiest months - August-October - LA's volumes were down, but Mr Chase expects to finish the year roughly flat.
"Overall, we think there are optimistic signs about peak and the consumer, but we are unsure if the magnitude will be enough to tighten up freight channels to drive upside to spot pricing," said Michael Beer, vice president Asia Pacific Citi Research in Hong Kong.
Of Asia-Europe trade, Mr Hackett said: "The Chinese economy is in trouble; it cannot export itself out of the current situation as Europe is not buying, and the rest of Asia is also weak in response to the loss of its export markets in both China and Europe."
Mr Hackett's North Europe Global Port Tracker said efforts to impose general rate increases have fallen flat because of over supply in the markets.
"The second half of the year will be over nine percentage points below the growth rate experienced during the same period last year," said his new report.
"All the ports bar Antwerp are either flat or have less volume than during the previous 12 months. Antwerp stands out with strong growth but Zeebrugge volumes are declining so rapidly that one has to wonder how long it can keep going.
"North European exports remain in positive territory, but the growth projection is well down on 2014. The second half of 2015 has growth of only 2.7 per cent versus a rate of 9.6 per cent in the same period last year."
CONTAINER
05 October 2015 - 22:00
European peak season fizzles, but US west coast enjoys record recovery
EUROPE's peak season has not materialised and this is having a demoralising impact on the Asia-Europe container trades, Hackett Associates' Ben Hackett told Lloyd's Loading List.
CONTAINER
05 October 2015 - 22:00
European peak season fizzles, but US west coast enjoys record recovery
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