GLOBAL trade is predicted to decline to 2.2 per cent and the container trade is likely to follow giant shipping line, Maersk's lead in lay-ups and consolidation, according to a Purchasing magazine report.
The Massachusetts-based journal's recent survey on sourcing of overseas suppliers showed a bleak lowering of nine per cent in overseas demand. Additionally, the World Bank predicted a trade fall-off of 2.1 per cent in 2009, which is a decline not seen since 1982.
"Global demand for Chinese products is vanishing," explained Gene Ma, economist, China Economic Monitor adding "the credit freeze in importing countries has made it hard for Chinese exporters to sell abroad."
Europe to Asia container trade is at a 15-year low and routes to the US is at its lowest reported level said London's Drewry director Philip Damas in a previous report by the publication.
Despite Reuters reporting the rate increase, Maersk have not confirmed its West Coast rate cut of $1,300 per FEU, down from $1,700 to Purchasing.
"We are certainly seeing a dramatic slowdown. The decline we are seeing in recent weeks is faster and deeper than what most people had expected only a few months ago. If we don't see improvements, we will be laying up more," said Michel Deleuran, head of network and product at Maersk, to The Times of London following its announcement of eight 6,500 TEU lay-ups.
NOL is also restructuring its network on Asian operations by combining its Asia-Middle East region of Japan and Korea with Greater China to form a north Asia region alongside its company contingency plan of reduced fleet, tonnage lay-up and US headquarter relocation.
The Massachusetts-based journal's recent survey on sourcing of overseas suppliers showed a bleak lowering of nine per cent in overseas demand. Additionally, the World Bank predicted a trade fall-off of 2.1 per cent in 2009, which is a decline not seen since 1982.
"Global demand for Chinese products is vanishing," explained Gene Ma, economist, China Economic Monitor adding "the credit freeze in importing countries has made it hard for Chinese exporters to sell abroad."
Europe to Asia container trade is at a 15-year low and routes to the US is at its lowest reported level said London's Drewry director Philip Damas in a previous report by the publication.
Despite Reuters reporting the rate increase, Maersk have not confirmed its West Coast rate cut of $1,300 per FEU, down from $1,700 to Purchasing.
"We are certainly seeing a dramatic slowdown. The decline we are seeing in recent weeks is faster and deeper than what most people had expected only a few months ago. If we don't see improvements, we will be laying up more," said Michel Deleuran, head of network and product at Maersk, to The Times of London following its announcement of eight 6,500 TEU lay-ups.
NOL is also restructuring its network on Asian operations by combining its Asia-Middle East region of Japan and Korea with Greater China to form a north Asia region alongside its company contingency plan of reduced fleet, tonnage lay-up and US headquarter relocation.