Guangzhou: Cosco Shipping estimates that the recovery for the whole industry will not be earlier than 2015, to some companies in a bad situation, the picking up time might even extend to 2016 or 2017, an official from Cosco Shipping said after the annual shareholders meeting.
“It is not possible to increase the freight rates, and it is not easy to maintain it,” Tan Li, director of strategic development of Cosco Shipping said. “Currently, the container and bulk business are under pressure, however, around 65% fleet capacity of the company are multipurpose vessels, we will head up before 2015,” Tan continued.
Meanwhile, he also revealed that the company will adjust the business from traditional transportation to equipment, offshore engineering and wind power in the next five years. [13/05/13]
