UNITED Arab Emirates cargo handler DP World says it sees little sign in the foreseeable future of an easing of the industry slowdown that has left some of its terminals struggling with a double-digit declines. “Volumes are just disappearing,” said DP World CEO Mohammed Sharaf. …
THE collapse of a major container shipping line would “cause a chain reaction of defaults in the industry,” according to New York-based Gerson Lehrman Group analysts. Particularly, at a time when cargo demand on the main trade lanes are at historically low levels, record numbers …
SOUTH KOREA’s Hanjin Shipping is raising freight rates on the Asia-Europe and Transatlantic trades with effect from April 1, 2009. The carrier said in a statement that this decision was made and announced to its regional offices and customers last month. Regarding the rate increase, …
CHINA’s production of crude steel this year is expected to exceed 2008′s output, which according to Wu Xichun, Honorary Chairman of China Iron and Steel Association, will exacerbate oversupply and ruin profitability. “Demand has not yet recovered and there has been no apparent effect from …
THE number of containerships sitting idle worldwide is said to have soared to an historic high of 453 ships, that is 1.35 million TEU or 10.7 per cent of the world’s box tonnage, AXS-Alphaliner News reports. The result is up from 392 or 1.1 million …
SINGAPORE’s NOL container unit, APL, is planning to impose a rate increase in the Asia-Europe trade starting March 15. From March 15, Europe-to-Asia boxes will be hit by an increase of US$175 per container for paper and scrap and US$100 per container for all other …
The national debt is likely to be catapulted through the £2 trillion mark following the Treasury’s decision to stand behind Britain’s troubled banks’ debts. By Edmund Conway and Angela MonaghanLast Updated: 5:47AM GMT 20 Feb 2009 In the latest Government figures, which underline fears about …
The financial crisis has moved from Wall Street to all streets, as the economic shock causes strains and suffering in every part of the world economy. By Adrian Michaels Last Updated: 9:11PM GMT 20 Feb 2009 Troubled times: demonstrations in France during the first …
DECEMBER 2008 1. Malaysia’s exports in December 2008 posted a decrease of 14.9% to RM46.1 billion whilst imports dropped 23.1% to RM34.4 billion compared with December 2007. 2. In December 2008, Malaysia’s trade surplus showed a surge of 24.0% to RM11.7 billion compared with RM9.4 …