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Sinotrans: Shipping on slow path to recovery

Sinotrans: Shipping on slow path to recovery

Dalian: Zhou Bin, gm of Shanghai Changhang shipping - one of the two companies making up the Sinotrans joint venture, has dismissed analyst's observations of green shoots for the shipping industry. Speaking at the International Shipowner & Service 2009 Convention hosted by Shipping Online Network, he said, "The recovery of global economy is slow and the shipping industry market will not be good in the next two years."

"Before August, the international dry and bulk market outshone all other sectors but the short-lived and false boom will delay the real recovery of dry and bulk market." Zhou added. He anticipates the market remaining gloomy for the rest of this year, a situation likely to continue in light of the 70 VLCC newbuilds due for delivery this year.

Sinotrans, a jv between China Changjiang National Shipping and China National Foreign Trade Transportation (Group) Corporation, is headquarterd in Beijing. It is heavily involved in comprehensive logistics, shipping, shipbuilding and repairing, fuel trade, travel etc.  [25/09/09]