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China Shipping Report Q1 2010Published by: Business Monitor International Published: Jan. 14, 2010 - 105 Pages Table of Contents
AbstractChina's shipping industry proved resilient to much of the global downturn in trade activity witnessed in 2009, though it did not escaped unscathed. The country's container shipping sector relied on unwavering state support to see it through an industry-wide recession in which a collapse in western consumer demand saw box volumes fall heavily on transpacific and Asia-Europe routes. China's bulk shipping sector, in particular, bucked the trend of other major raw material importers such as Japan and South Korea, as imports of iron ore, coal, crude oil and other major seaborne commodities soared to record levels. This unexpected growth was largely the result of the government's US$590bn economic stimulus package, which channelled funds into industrial activity and infrastructure spending. As global commodity prices and freight rates fell sharply in H109 from the highs of the previous year, China took advantage by adapting its trade patterns, looking further afield to Brazil for iron ore supplies and becoming a net coal importer for the first time. Shipping routes widened, providing a much-needed boost to domestic and international shipping lines alike.Meanwhile, China's shipping finance sector remained buoyant. Pressured by the Chinese government, banks continued to extend credit to shipping lines, allowing them to take advantage of a fall in vessel prices to expand their fleets while major European and Asian lines battled against bankruptcy. Indeed, in June 2009, a major new player, Grand China Shipping, took to the water. With ordering activity supported by this growth, shipyards escaped the type of collapse seen in rival ship-building nations Japan and South Korea. This growth is expected to see China overtake South Korea as the word's foremost ship-building nation by 2011. If there was one major blemish in this scenario in 2009 it was that China's port sector was unable to disguise the severe fall in the country's trade volumes. While throughput volumes recovered as the year went on, several international ports suffered their first year-on-year (y-o-y) declines in handling for several years. In the Q110 China Shipping Report we forecast a comprehensive upturn in the country's maritime sector, as trade volumes look set to begin to recover from the downturn of 2009. Imports and exports for the country are expected to increase by 10.6% and 6% y-o-y respectively in 2010, and this will have a knockon effect at the country's ports, as cargo volumes passing through the ports increase. BMI 's shipping team forecasts that China's largest container port, the Port of Shanghai, will, for example, experience a y-o-y throughput growth in total tonnage of 6.16%, while container volumes at the port are to increase by 6.28%. This is a considerable improvement on 2009 throughput at the port, which, due to the downturn in global trade volumes and a 13.99% decline in China's total trade, saw the port's total tonnage fall by an estimated 11.36% to 449.4mn tonnes, and the facility's container throughput volumes fall by 12.59% to 24.48mn TEUs. BMI 's Q110 China Shipping Report not only analyses the environment in the Chinese maritime sector in 2010 but also looks at developments going forward into the mid term (2011-2014), and considers whether the country's trade volumes will increase enough to allow China's international ports to reclaim their predownturn throughput levels. The report also contains an in-depth analysis of China's two main ports, the port of Shanghai and the port of Ningbo. We offer an overview of the ports' infrastructure, and consider whether they will be able to cope with cargo growth or whether congestion could become an issue. The ports' expansion and development plans are also reviewed, along with the facilities' links to the rest of the country's freight transport network. The Q110 China Shipping Report contains detailed company overviews of top 11 container lines. Our shipping desk has prepared an analysis of the varying downturn strategies of these companies, and we offer our views and predictions on what 2010 holds for these shipping lines. Get Full Details About This Report >> |
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