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CSCL predicts volatile freight rates

CSCL predicts volatile freight rates
CHINA?s container shipping giant China Shipping Container Lines expects average market freight rates to be volatile this year.

CSCL predicts volatile year for freight rates.

CHINA"s container shipping giant China Shipping Container Lines expects average market freight rates to be volatile this year.

The company said freight rates might see a downside reversal at the end of the third quarter due to unstable economic conditions in Europe.

China Shipping Container Line chairman Li Shaode told local media overall market condition in the global container shipping market saw a good start in 2010.

Mr Li pointed out that many suppliers stockpiled inventories last year as the global economy plunged into a deep recession, but now many of the suppliers had trimmed accumulated stocks on signs of gradual economic recovery.

CSCL raised its freight rate by $200-$500 per teu in January and $50-$300 per teu in February as a result of the improving economy.

His remarks reflected a spike by the China Container Freight Index, which soared 12.3% to 1,168 between January 26 and February 26 this year.

Mr Li expected the rebound of the shipping market would carry through to the second and third quarter although the industry might face a certain amount of downward pressure at the end of the third quarter in anticipation of the worsening economies of some European countries such as Greece and Spain, he said.

CSCL previously released a profit warning that the company would suffer a loss in 2009 because of the substantial decline in shipping volumes and freight rates. Mr Li expected the company"s financial situation to improve significantly this year.

CSCL will release its financial result for 2009 on April 22.

www.turkishmaritime.com.tr

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