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How will the shipping industry perform in the next few years?

  • Categories:Industry News
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  • Time of issue:2020-07-09 15:33
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(Summary description)

How will the shipping industry perform in the next few years?

(Summary description)

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-07-09 15:33
  • Views:
Information
The recovery of the shipping market seems to be in the foreseeable future. Except that the oil shipping market is still the only bright spot, shipowners do not seem to be optimistic about the trend of the container shipping industry and the bulk shipping industry in the next few years.
 
Although the shipping industry has been struggling to achieve profitability, the problem of excess capacity is lingering, trade is slowing down, and the threat of bankruptcy still hugs shipowners and operators who are losing too much.
 
Zhang Mawen, Chief Financial Officer of COSCO Shipping, pointed out that shipping will continue to face a difficult operating environment in the next one to two years. He said: "I hope that a series of changes such as the recent merger of the industry and the formation of a new alliance will allow the entire shipping industry to return to a sustainable development track."
 
Yang Xianxiang, CEO of Haifeng International Holdings, expressed pessimism about the recent container shipping market. He believes that the downturn in the next two years will follow. Due to the increasing consumer demand, the overall global trade demand is still growing, but excessive shipping capacity has led to no room for freight rates to rise. Yang Xianxiang lamented that although the current idle capacity of container ships has reached 7% of the global fleet capacity, this idle scale is not enough to allow the container shipping industry to return to the state of supply and demand balance in the next two years.
 
In addition, China's economic growth has slowed and import trade has decreased, which makes the prospects for the bulk shipping market also face severe overcapacity and weak demand. Xu Zhijian, chairman of Taiwan Yili Shipping, said that the bulk shipping market will be very pessimistic in the next few years, due to excess capacity and too little dismantling activities. Over the past decade, China’s rapid economic growth has been the main growth driver of the bulk shipping market, occupying bulk Transportation increased by 70%, but China’s economic growth has slowed in the past few years, resulting in a lack of support for the bulk transportation market.
 
Su Jun, President and CEO of Erasmus Shipinvest, believes that bulk shipping demand can no longer be counted on in China as it has done in the past two decades, but it is optimistic that there have been few new orders for bulk carriers recently, and conversion and dismantling activities may be Revive the bulk shipping market.
 
Recently, the only bright spot in the shipping industry is the oil transportation industry. Oil tanker owners benefited from the substantial increase in oil freight rates and enhanced profitability. Zhu Maijin, general manager of China COSCO, said that the oil shipping market is expected to remain profitable in the next one to two years, and China's oil demand is expected to remain strong. China imported 308 million tons of oil in 2014, and this year's oil imports are expected to reach 371 million tons. However, he warned that after mid-2017, the delivery of new ships will affect the fragile supply and demand balance, and the oil shipping market may face a slowdown in growth.

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