The global container shipping market is set for a revival this year following a tough 2016, Anchor Chang, chairman of Evergreen Marine said in the group’s press conference yesterday.
According to Chang, the market has already shown recovery signs in the fourth quarter of 2016 and cargo volumes for the first month of 2017 are also better than expected.
Chang said the global shipping market has experienced a reshuffle in the past year with a number of mergers and bankruptcies which have led to a change in mindset of both shipping lines and their clients.
“The shipping companies have started to realise that cutthroat competition is unsustainable, and the clients’ value is changing too, they don’t regard the freight rate as the first thing for choosing a carrier,” Chang said.
The Ocean Alliance, which includes Evergreen, CMA CGM, Cosco Shipping Lines and OOCL is scheduled to commence operations in April this year.