BERLIN, Oct 14 (Reuters) – The head of German shipping firm Hapag Lloyd HLAG.DE, Rolf Habben Jansen, expects the next three years to be difficult because demand for shipping services is growing more slowly than available shipping capacity, he told the Welt am Sonntag newspaper.
Despite that, he thought the downturn in the sector would be less severe than in the period following the global financial crisis in 2008 when new capacity due to launch amounted to 55% of the existing fleet. Now, the equivalent figure is just 27%.
Freight rates had fallen by around 60% year-on-year, he added.
“Container shipping has always been a cyclical business,” he told the newspaper. “I don’t think it will be as bad as in 2008 and 2009, though.”
(Reporting by Thomas Escritt; Editing by Kirsten Donovan)
(c) Copyright Thomson Reuters 2023.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
By Olesya Astakhova and Ahmad Ghaddar LONDON/MOSCOW, May 4 (Reuters) – OPEC+ will accelerate oil output hikes and could bring back to the market as much as 2.2 million barrels per day by November,...
Spot rates across all the major east-west deepsea trades continued their downward descent this week, although it has become increasingly clear that widespread blanked sailings on the transpacific trade managed to stave off a complete crash.
The Mediterranean Sea has become the world’s fifth Emission Control Area (ECA) for sulphur oxides starting May 1, 2025. This landmark regulation, adopted by the International Maritime Organization (IMO), will...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
