AP Moeller-Maersk ceo Nils Smedegaard Andersen is preparing the company, which owns the top container line, for a fundamental change in China's economy towards a consumer driven one within the next decade, Seatrade Asia online reports.
“We’re investing in our China set-up as we’re building up a large organisation there so we can be ready to help customers who want to export to China,” he was quoted as saying.
Speaking in the same week that China underwent it's once in a decade major leadership change, Andersen said: “It will be very, very positive for us - and probably also for the rest of the world - if China succeeds in this development.”
Although Maersk is still currently shipping empties to China he said: “We can already register the trend as we’re seeing rising Chinese imports. So it’s already happening.” Export growth still far outpaces imports however,
“In about 10 years I think we may reach a level where there’s more of a balance between container goods going into China and leaving China,” said Andersen. But for now though, as long as China’s exports outpace imports, the country’s growth rate will have a limited impact on Maersk’s container earnings, Andersen said. “If China’s economy is booming ahead while European consumers don’t want to consume, it wouldn’t result in any more sea transportation,” he said.
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