Hong Kong: Mainly due to the weak economy recovery of US and European countries, the shipping industry’s prospects in 2014 is unclear, CC Tung, chairman of Hong Kong-based OOCL said at an industry lunch in the Special Administrative Region yesterday.
The US and European countries’ GDP account for half of the global GDP, and if they do not recover strongly, the other regions will find it difficult to improve, Tung said.
Overcapacity still exists in the shipping industry, Tung said, but he felt better management of fleets could bring equilibrium soon.
In its latest quarterly results announced six days ago OOCL saw total volumes decrease 1.3% in the first nine months and sales slide 6% in the first three quarters. [31/10/13]