Lines lost more than $260 per TEU in first half
Eight publicly listed container lines lost more than $4 billion in the first half of 2009, essentially in the red by $264 per TEU, according to the newsletter Dynaliners, published by Dutch maritime consultant Dynamar.
According to the report, embattled carriers Zim and Hapag-Lloyd bled the most per TEU (at $360 and $270, respectively), while OOCL fared the best, losing $116 per TEU.
The other lines included in the research were APL, China Shipping, COSCO Container Lines, Hanjin Shipping, Maersk Line and OOCL. All eight lost at least $231 million in the first half, with Maersk's container division losing $961 million. The eight saw first half turnover dip anywhere from 24 percent (Hapag-Lloyd) to 57 percent (Zim).
The statistics give 'an impression of what has to happen to the rates (at unchanged costs) for them to return to profitability and, ultimately, to survive the current downturn,' Dynamar said. 'It explains the almost daily announcement of yet another rate increase to which they're all taking a firm stand now: no company can sustain such losses any longer.'
Lines lost more than $260 per TEU in first half
