Report: Maersk to Reduce Capacity, Raise Rates
According to a report in the Wall Street Journal, A.P. Moller-Maersk A/S is set to address the continued sluggish global trade numbers by reducing its capacity and raising rates, in addition to more slow-steaming measures to reduce the near-term pressures of operating a containershipping company today.
While the company, and many in the sector, have systematically reduced capacity since the beginning of the year by slowing ships down, it appears more changes are needed in the face of a lingering global economic malaise with no sure signs of recovery.
The WSJ report was not specific on the exact capacity reduction, but did report a rate rise of 10 to 11 percent on Asia-Europe routes by year's end.
(Source: Wall Street Journal, Staff)