Did you fall for the headline: “Recovering financial, labor markets improve outlook for economy”? That story was intended to cover up some less than encouraging reports from around the world.
– “Box shipping not out of murky waters yet, cautions Drewry … The ‘Drewry Container Forecaster’ stressed that until consistent month-on-month improvements were seen on the main trades into this year’s peak season period, one could not definitely say that the global recession was over and that the container sector could heave a sigh of relief.” – Exim India
– “Continental loses US $ 146 million in first quarter … Commenting on the air carrier’s performance, Continental chairman, president and CEO Jeff Smisek said: ‘I’m disappointed with first quarter results, which were impacted by the weak economy.'” – SHIPPING NEWS
– “Cosco suffers loss of US $ 1.09 billion, profits plunge 164pc … In 2010, Cosco expects the shipping industry market to remain volatile and that there would be ‘great pressure on operating conditions’ in container shipping.” – SHIPPING NEWS
– “China Shipping Posts 2009 Loss … China Shipping Container Lines posted a full-year loss of $ 951 million in 2009 compared with a restated profit of $ 6.9 million in 2008, the Shanghai-based company said Wednesday. The shipping line carried fewer containers last year as U.S. and European consumers reduced spending on Chinese-made furniture and clothes.” – The Journal of Commerce
– “Rickmers Restructures Loans, Cancels Ship Orders … Rickmers Marine Trust, the Singapore-based container affiliate of Rickmers-Linie, moved to pull itself out of its financial troubles with three initiatives it announced Friday. The company secured approval from some of its lenders to extend repayment of $ 130 million in loans; secured a three-year waiver of the asset-to-loan requirements in these loans; and canceled the agreement to buy ‘three 4,250-TEU vessels and four 13,000-TEU vessels.'” – The Journal of Commerce
– “Japanese Trade Fell 21 Percent in 2009 … Japan posted a trade surplus of about $ 56.3 billion with the rest of the world in fiscal 2009 after incurring a trade deficit of about $ 8.2 billion in fiscal 2008 – the first deficit in 28 years – amid the deep global economic downturn.” – The Journal of Commerce
– “ABF Losses Climb as Shipments Drop … ABF Freight System lost $ 35.7 million in the first quarter, a 25 percent larger loss than a year ago, as shipments rose from a year ago but declined in the fourth quarter … Shipments at the Little Rock, Ark.-based carrier were down 2.8 percent from a year ago – and 3.6 percent from the fourth quarter of 2009.” – The Journal of Commerce.
Still believe all the hogwash about an economic recovery?