A new norm in shipping
A ?new normal? has emerged in the shipping and port industry, with slower growth in mature markets, according to APM Terminals" chief commercial officer.
Speaking at Containerisation International"s Global Liner Shipping Conference, Richard Mitchell said previous levels of volume growth would not be achieved again.
?The port and liner industries are closely intertwined and facing extraordinary times,? he said.
?In the good old days, markets were growing 10-15% every year. Last year, we witnessed the first ever decline in global container port volumes ? estimated at 10%.
?Volumes were hit in the developed world and in eastern Europe, while Africa, the Indian subcontinent and the Middle East fared best.
?Now, in the new normal, markets will grow slower.
?The opportunities are different now ? there"s more uncertainty and slower growth in mature markets than in emerging markets.?
Mitchell added that it was important to note that emerging markets had the highest potential for growth as the wealth of their populations improved.?