Danish shipping and oil group A.P. Moller-Maersk said on Saturday that global container shipping rates were likely to return to pre-crisis levels by the peak season at the end of this year. Chief Executive Nils Andersen told reporters in Singapore that Maersk will also keep adding to container box levels this year and the next to address the global shortage in the industry.
"It will come back to pre-crisis levels, to a level where the industry can get return on their investments," Andersen said of container freight rates on the sidelines of a ceremony to name its latest floating oil storage vessel built by Singapore's Keppel Corp.
He said he did not expect the container shipping industry to be significantly affected by a possible slowdown in China, adding that the container box shortage would provide a cushion.
"The part of the shipping industry that might be affected by the slowdown in China will be the bulk carriers and oil carriers," he added.
Global container shipping firms, which slogged through their worst-ever year in 2009, have seen strong rebound in freight rates over the past year but the surge was largely due to a container box shortage rather than significant recovery in demand.
"It will come back to pre-crisis levels, to a level where the industry can get return on their investments," Andersen said of container freight rates on the sidelines of a ceremony to name its latest floating oil storage vessel built by Singapore's Keppel Corp.
He said he did not expect the container shipping industry to be significantly affected by a possible slowdown in China, adding that the container box shortage would provide a cushion.
"The part of the shipping industry that might be affected by the slowdown in China will be the bulk carriers and oil carriers," he added.
Global container shipping firms, which slogged through their worst-ever year in 2009, have seen strong rebound in freight rates over the past year but the surge was largely due to a container box shortage rather than significant recovery in demand.