According to the results of CIMB, global shipping will not recover till 2014. By that time, the new transportation capacity and demand will become more balanced and the transportation rates will mildly rebound.
To sum up media news on January 30, the investigation results of CIMB, a Southeast Asian financial agency, show that the global bulk commodity transportation rates dropping spirally currently will not see substantial improvement until 2014. By that time, the new transportation capacity and demand will become more balanced and the transportation rates will mildly rebound.
A CIMB analyst in Hong Kong said on Monday that though the shipping delivery volume made record in 2011, yet the amount of cargo ships under construction is only about one third of current global fleet. CIMB said that to improve this situation in the short run, shipping companies almost cannot do anything. Considering that the age of the ship fleet is relevant young, CIMB estimates that there will be no huge ship scrapping volume.
According to a report released on Monday, a shipping company, Mitsui O.S.K. Lines Ltd., will scrap five large oil ships, and it is estimated that each idle oil ship will save USD 20-30 thousand each day. This company is the largest super large oil ship operator in the world. The company said that it did not intend to sell these ships, as this measure almost has no impact on alleviating the problem of transportation capacity transition.