Smedegaard: Containers back in black
SHIPPING: Maersk Line is back in black after container rates have picked up, says Nils Smedegaard Andersen, CEO at A.P. Moller - Maersk. Container rates can rise even further, if trade picks up over the summer
"At the moment, freight rates are at a level where container transport is earning money", Smedegaard Andersen said in a presentation to the Danish Society of Financial Analysts.
"We are still working to get higher rates," Andersen said.
"We hope there will be a pick-up in world trade after the summer."
According to Smedegaard, the oversupply of ships weighing down the industry would persist for several more years.
"We think there will be overcapacity in container shipping until 2016-17," Nils Smedegaard Andersen said.
Andersen said Maersk Line had the fleet capacity it needed to maintain its market share and did not plan to buy more vessels.
"We have roughly the ship capacity that's needed to maintain our market share in the next five years," he said.
Source: euroinvestor.dk
