Scrap Booking

– A report from Asia: “Vietnamese ports said to receive few vessels despite huge investments”

“Despite a number of modern container ports with investments of several billion dollars established in its waters, the Cai Mep-Thi Vai area in Vietnam’s Ba Ria-Vung Tau province has docked a modest number of ships, reports the state licensed Tuoi Tre News agency.

“This grim reality runs counter to the investors’ high expectations of developing Ba Ria-Vung Tau into an urban port with high container-loading capacity.” –

– A report from Europe: “Frankfurt Air Cargo Traffic Plunges 16.8 Percent”

“Frankfurt airport handled 16.8 percent less freight in January than a year ago as uncertainty over the global economy and a night flight ban continued to weigh on Europe’s second-largest air cargo hub.” –

– A report from South America: “CSAV Lost $ 1.24 Billion in 2011”

“CSAV lost $ 1.24 billion last year, including $ 959 million on continuing operations, but the Chilean carrier said its deficit narrowed during the fourth quarter and that a restructuring is starting to yield results.

“The losses compared with a $ 182 million profit a year earlier. 2011 revenue fell 1.2 percent to $ 5.151 billion. CSAV posted a $ 145 million loss on continuing operations in the fourth quarter.” –
– Another report from Europe: “Reality check: Maersk cuts capacity 9pc. because of ‘conditions’ in Asia-Europe”

“COPENHAGEN, Feb. 17 (Reuters) – Maersk Line, the world’s biggest container shipping company, will cut 9 percent of its vessel capacity in the Asia-Europe trade in a bid to combat low freight rates clipped by oversupply, Maersk said on Friday. The carrier, a unit of Danish shipping and oil group A.P. Moller-Maersk, said the capacity reduction would be facilitated by a vessel-sharing agreement with French container shipping line CMA CGM.

“‘Oversupply of container vessels operating on the Asia-Europe trade lane has pushed Maersk Line’s container freight rates to unsustainably low levels,’ the company said …

“Maersk reiterated that it would not exercise an option for the last 10 giant Triple-E class vessel out of total of 30 it had initially contracted last year to be built by Korea’s Daewoo Shipbuilding and Marine Engineering.”

[The first 20 are probably “slow-steaming” their way to the Bangladesh scrap yards by now.]