Wednesday, April 29, 2009

Have we hit bottom?

Danaos chief detects first signs that worst is over for box trades

PIRAEUS-based containership owner Danaos Corp has said it believes the worst of the container shipping crisis may have passed, although it admitted its perception of a possible nascent recovery “remains to be tested” and might not be evident in new chartering activity for months.

Personally, I find this hard to believe.

I am sure there has been an uptick lately since we are over the Chinese New Year and orders have started for the peak season in the U.S.

However, I doubt carriers are really making any money. Maybe we have hit bottom in terms of drop in cargo, but I don't think that will translate into earnings for a number of years.

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