Singapore: Maersk Line has said that economic recovery may lead to year-on-year volume growth in the fourth quarter for the industry, reports Reuters. Jesper Praestensgaard, Maersk Line's CEO for Asia Pacific, said that container volumes have bottomed out and rates have started to rise as well, but the company and industry in general are still losing cash from some routes.
"We do see a recovery in shipping, but it is from an incredibly low level, so in my mind we have bottomed out," Praestensgaard told Reuters in an interview.
"We saw in the first few months of this year the market drop by close to 20 percent and we have seen an upturn since then but still a year-on-year decline. If we are lucky, then we could see growth on a year-on-year basis in the fourth quarter." [03/03/09]
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