In over 60 years, the container shipping sector has never had a more tumultuous year than 2016.
There were five major mergers and one bankruptcy (Hanjin Shipping) that left over 100 ships stranded in ports around the world. It is estimated that the industry lost $5 – $10 billion and even the market leader, Maersk Line, lost money in 2016, after posting a $1.3 billion profit in 2015.
The market situation for ocean carriers will still be very challenging for 2017, as rates are on an upward trend and demand remains low.
For more information, contact Chris Barnard, Vice President – Projects & Market Development.