Downturn news ad nauseam
Looking for uplifting news to start your week? Sorry. AXS Alphaliner estimates about 1.35 million TEUs of capacity are idled and a German ship owner claims that could double or triple over the next two years. Once a turnaround starts, the liner carrier industry would likely be a few years behind the curve, as OOIL CFO Ken Cambie says it could take four years for the industry to recover. The Pacific Maritime Association warns that the sharp drop in container freight volumes means soaring retirement and benefit costs for dockworkers. And while the American Trucking Associations' truck tonnage index climbed 3% in January, its chief economist says it's no reason to get excited.