Four Ships Trapped by Key Bridge Collapse Depart Baltimore
By Lisa Baertlein LOS ANGELES, April 26 (Reuters) – Four cargo ships, stuck for about a month at the Port of Baltimore by the ruins of the collapsed Francis Scott Key bridge, have exited...
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.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,883 members that receive our newsletter.
Have a news tip? Let us know.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign UpMaritime and offshore news trusted by our 105,883 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up