Repeating the same litany of woe heard before from others in the sector, Sinotrans said: "Following the short-lived recovery in 2010, growth of global economy and international trade slowed down again in 2011."
"Under the dual pressures of rapid tonnage expansion and lacklustre seaborne trade, the global shipping market stayed subdued with performance apparently less favourable than that in 2010. Meanwhile, with the intensifying inflation in emerging economies and the resulting significant surge in operating costs, the overall shipping industry was in an adverse situation," Sinotrans added.
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