CSAV Spells It Out

Last week CSAV, in a press release, gave a state of the industry report and it was not pleasant reading as you might expect. The company notes that for the first time in 29 years, after many years of double-digit growth, a drop in global container demand is expected this year. This is compounded, of course, by supply, which is growing at a very high rate given an excess of vessels ordered in prior years when the economy looked much brighter. To face the challenge, the industry has taken a number of aggressive initiatives. Operators and owners have laid up over 400 containerships throughout the world. In addition, many ocean carriers are negotiating with the shipyards to delay delivery of the vessels ordered before the crisis. Both actions will helpfullybegin

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