North American recovery still leaves westbound Med trade in doldrums
CARRIERS operating between the Mediterranean and North America do not appear to be benefitting from recent US economic growth, reports London's Drewry Maritime Research.
August container volumes from the Med to North America have declined nine per cent below a previous three-month average to 107,000 TEU, and one per cent lower than northern Europe's exports to North America.
But year-to-date, Mediterranean-North American trade was still 4.4 per cent up year on year, undoubtedly saved by Turkey's performance, and thus showing better results than northern Europe's flattened trade flows, said Drewry.
"As in many other tradelanes, ocean carriers' response to the cargo decline has been to wait for further developments before adjusting services," said Drewry.
"Apart from Maersk deciding to serve the route via transshipment after May, no major changes have since been made. As a result, average monthly vessel capacity of around 148,000 TEU made available to shippers remained more-or-less unchanged between May and September, except for a temporary reduction to 143,600 TEU caused by [seasonal] sailings being cancelled," Drewry's said.
