Global shopping market overcapacity to be absorbed in 2-3 years, predicts Chinese Ministry of Transport official, adding that improving US economy, UK demand for staples should boost shipping in 2013

Cindy Allen

Cindy Allen

Mar 6, 2013 – Xinhua News Agency

BEIJING , March 6, 2013 () – It would take another two to three years to absorb the surplus capacity in the shipping market, said Xu Zuyuan, vice minister with China's Ministry of Transport on Wednesday.

The shipping industry has been in the downturn of business for quite long time since international financial crises in 2007.

The shipping market would have better performance in 2013 than 2012 due to improvement in American economy and continuing European demand on staples, said Li Shaode, chairman with China Shipping (Group) Company.

Li noted that container shipping business would recovery ahead of bulk shipping business on China's relatively steady iron ore demand and the severe overcapacity of bulk cargo ships. (Edited by Liu Yanan, liuyn@xinhua.org)
(c) 2013 Xinhua News Agency

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

Share:

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025 795

+1 (310) 558 0008
+1 (310) 558 0080 (FAX)

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.