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Shipping feels chill of global recession
22 May 2009
The shipping industry is continuing to feel the effects of the worldwide recession.
The Danish giant AP Moller-Maersk, the world's leading container shipping company, reported its worst-ever quarter accounts for the first three months of 2009. With container shipping hit following the fall in consumer demand that has accompanied the credit crunch, the company reported a net loss of US$373 million, compared with a profit of US$1.1 billion in the first quarter of 2008. Its container line carried 14% less volume in 2009.
The first quarter of 2009 also saw sharp losses for the Singapore-owned container shipping firm Neptune Orient Lines (NOL), down from a profit of US$121 million in 2008 to a loss of US$245 million in 2009.
The fall in shipping trade, and lack of credit, have had knock-on effects on the shipbuilding industry. Estimates indicate that orders for up to almost 500 new ships have been cancelled as a result of the recession. The cuts will affect the countries with the largest shipbuilding industries – South Korea and China.
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