CARGO growth from Asia to the Mediterranean was poor in June with a slight increase of one per cent between May and June to take volume up to 4.15 million TEU, which does not look good for the rest of the peak season, according to Drewry Maritime Research.
The result brought the second quarter's total up to only 1.24 million TEU, yet this was still seven per cent more than in the same period last year. Growth in the eastern Med was five per cent while the western Mediterranean was up 12 per cent with Turkey leading in the east, offsetting sluggish Black Sea volumes.
France, Spain, Greece, Cyprus and Italy remained in recession, with little prospect for improvement. It is hard to see much of a mini-boom over the remainder of the peak season, Drewry said.
Ocean carriers reacted by only adjusting vessel capacity slightly. After falling by 1.7 per cent in June due to 11 sailings being cancelled, down to 446,000 TEU, overall vessel capacity increased by one per cent in July, back up to 450,000 TEU, with eight sailings being withdrawn.
Containerised exports from the Mediterranean to Asia also remained lacklustre in June, reaching only 177,000 TEU, compared to 178,000 TEU in May. The slowdown of China's economic miracle will be partly to blame, as will Japan's 20 per cent currency devaluation in March, said the report.
But the second quarter's 524,000 TEU was still 14 per cent more than in the same period last year, helping to reduce ocean carriers' costly container equipment imbalance problem.
Drewry pointed out that this year's peak season will remain poor, underlining the need for ocean carriers to plan vessel capacity reductions more seriously after the beginning of September.
OPINION
14 August 2013 - 22:19
Poor Asia-Med start to peak season, little improvement expected: Drewry
CARGO growth from Asia to the Mediterranean was poor in June with a slight increase of one per cent between May and June to take volume up to 4.15 million TEU.
OPINION
14 August 2013 - 22:19
Poor Asia-Med start to peak season, little improvement expected: Drewry
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