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Saturday, July 05, 2008


global shipping slowdown

ambrose evans-pritchard of the telegraph relays the views of jacques saadé of CMA CGM.

"We're seeing ships leaving Asia that are not full. We are living through a real economic slowdown. It is a latent crisis that will take time to disappear. I don't see it getting better before the end of 2009."

"America is importing less, so is Europe. After a record year in 2007, where we had more offers than we could take on our ships, traffic between Asia and Europe has now fallen to a 94pc occpancy rate," he said.

... Lloyds List said the shipping industry will know when the first Asian loads begin for the pre-Christmas season in a month as whether this is the start of a serious slump. The anecdotal talk is that the picture is deteriorating fast.

Note too that the Baltic Dry Index measuring freight rates for coal, corn, grains and such has dropped 23pc over the last month.

baltic dry has moved around quite a lot in the last year.

his pragmatic view of debilitating oil prices is also interesting:

Mr Saadé, who has just ruled out a bid for Hapag-Lloyd, said the oil spike was a scam. "This boom is artificial. Only speculation can explain the run up in price. One way or another, governments must put a stop to this."

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