Europe sees minimal impact Japan tsunami

Europe sees minimal impact Japan tsunami    The Japanese earthquake and tsunami are expected to have only a small impact on European imports over the next year according to the latest Global Port Tracker report for North Europe.
   With Europe importing around 500,000 TEU annually from Japan, a 30 percent reduction in trade from Japan would result in a loss of 150,000 TEUs, said Ben Hackett, whose firm Hackett Associates prepares the report together with the Bremen Institute of Shipping Economics and Logistics.

Hackett

   'Our forecast remains cautiously optimistic as we see recovery in March in both directions of trade and a continuation of growth for the remainder of the year,' he said.
   Port Tracker estimates 1.5 million TEUs were imported into Europe in February — 995,000 TEUs into North Europe and 501,000 into the Mediterranean and Black Sea region. That’s 3.3 percent more than in February 2010, but 25 percent less compared to the previous month. The report said volumes are expected to increase dramatically over the coming months. The comparable figure for exports is 1.3 million TEUs, a 3.3 percent increase.