West-bound container trade rises 10.6% in Jan.
Ship container volumes from Asia to Europe rose for a third consecutive month in January, growing by over 10 per cent year on year in the biggest monthly rise since records started in October 2008, data showed. This increase reflects the tentative recovery in world trade that was battered by 2008's global economic downturn. The slowdown hit the container sector hard, especially on key routes from Asia to consumers in the West carrying finished goods.
Data from the Brussels headquartered European Liner Affairs Association (ELAA) industry group showed West-bound volumes to Europe from Asia rose 10.57 per cent in January to 1.126 million TEUs (twenty-foot equivalent units) from 1.019 million TEUs in January 2009.
Separately, the ELAA said East-bound trade from Europe to Asia rose 34.91 per cent year on year in January to 418,800 TEUs.
Moody's Investors Service said recovery in the container market would be much slower than for the dry bulk and tanker sectors of the shipping industry due to acute oversupply problems.