SHIPPING operators at the Port of Liverpool are feeling the chill as the global container trade continues to slump.
New figures from London and Birkenhead-based shipping analysts Clarkson show cargo volumes are forecast to fall 9% this year, with revenues plunging 76%, while at the same time 944 new container vessels are on order across the globe.
Liverpool-based Maersk has seen volumes sink 7% and earnings by 30%, leading to a half- year loss of £338m, compared with a profit of £1.5bn the previous year. The bulging order book for new ships has resulted in cancellations, with shipping line CMA CGM, which operates between Liverpool and Europe, preparing to slash its future requirements.
Clarkson analyst Trevor Crowe said: “The container shipping market was dealt the worst of hands by the global economic downturn. Just when it had lined up an all-time record supply side surge, it was left with an unprecedented hole on the demand side, due to collapsing consumer activity.
“Global container trade in the full year 2009 is estimated to drop by 9% and boxship earnings are today at historical lows.”
The Port of Liverpool reported reduced throughput earlier this year and is holding back on plans for a £100m post-Panamax terminal for supersize container vessels.
Mersey Docks managing director Gary Hodgson said: “Container volumes at Port of Liverpool are down broadly in line with the figures quoted, although this varies from shipping line to shipping line. Many other non-containerised segments of the market, including animal feed and grains, are still performing well.”
In an effort to cut costs, Maersk shipping recently relocated its head office function from London to Liverpool, where it is based in the Plaza building, Old Hall Street.
Nils Andersen, AP Moller-Maersk group chief executive, said: "In the first half of 2009, the global economic crisis had a severe negative impact on the activities of the group.
“Freight rates and volumes for the group’s container shipping activities were 30% and 7% below the same period of 2008. Maersk Group is still financially strong, despite the fact that the economic crisis has developed worse than anticipated.”
