China Shipping Industry in Recession as Economy Slows

Xinhua
Friday, July 27, 2012

China's shipping industry grapples with recession caused by waning demand & higher costs, & many small businesses are facing bankruptcy.

The Ministry of Transport said that In the first six months, turnover at ports increased 7.2 percent year on year to 4.74 billion tonnes, 6.1 percentage points lower than the growth rate in same period last year. A drop in domestic traffic was to blame, according to figures released by the ministry at a press conference.

Container traffic at those ports expanded 8.8 percent to 84.59 million TEUs, 4.3 percentage points lower than the same period a year ago.
The slowdown in the shipping industry reflects the macro-economic operation, said He Jianzhong, spokesman of the ministry.

Qinhuangdao Port on China's northern coast, the nation's coal-shipping center which is also seen as a barometer of the economy, should have experienced a busy July, as daily transport capacity was at least 50 vessels per day in the past. However, only one-quarter of that capacity was achieved this July, and inventories hovering near the maximum storage capacity piled up.

He Jianzhong attributed the overstock to less demand caused by a slowdown of electricity consumption, the overall economy and falling import prices.

 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Vacant Pier to Help Ease Long Beach Congestion

Pier S temporary depot to relocate empty containers for next five months    The Port of Long Beach expects a “Temporary Empty Container Depot” planned for a vacant

Vietnam Warship Visits Underscore Regional Tension

Vietnam on Tuesday showed off its two most powerful warships in the first-ever port call to the Philippines but an official said it was not trying to challenge

Vacant Pier at Long Beach Port to Ease Congestion

The Port of Long Beach expects a “Temporary Empty Container Depot” planned for a vacant pier on Terminal Island to be open and operating in December, which will

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

News

US House to Hold Hearing on Oil Export Ban

A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance.

Bollinger Delivers 11th FRC to the US Coast Guard

Bollinger Shipyards, Inc. has delivered the William Trump, the 11th Fast Response Cutter (FRC) to the United States Coast Guard.   The announcement was made by Bollinger Chief Operating Officer,

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

Logistics

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Vacant Pier to Help Ease Long Beach Congestion

Pier S temporary depot to relocate empty containers for next five months    The Port of Long Beach expects a “Temporary Empty Container Depot” planned for a vacant

Russian Liftings for Western Options at 12-Year Low

By Gleb Gorodyankin MOSCOW, Nov 25 (Reuters) - Exports of Russian crude oil to Western markets are set to fall by almost a third in December and reach a 12-year

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1615 sec (6 req/sec)