As the governments and shills continue to LIE about the economy for their own agenda, it’s time for another dose of REALITY:
By Daniel at 23 December, 2009, 12:38 am
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“Container Carrier Losses Reach $11 Billion
Bruce Barnard | Dec 22, 2009 3:04PM GMT
The Journal of Commerce Online - News Story
…..The world’s top 22 ocean container carriers lost some $11 billion in the first nine months of the year and face further losses in 2010 as the industry digs out from the worst downturn in its 50-plus history.
…..Sixteen of the carriers that have published third-quarter results reported cumulative operating losses of $9 billion in the first nine months of 2009, according to a survey by AXS-Alphaliner, the Paris-based shipping analyst and consultant. This compares with a combined operating profit of $5.3 billion in the corresponding period of 2008.
…..The remaining six carriers — Mediterranean Shipping Co., CMA CGM, Orient Overseas International Ltd., Hamburg Sud, United Arab Shipping and Pacific International Line — are estimated to have incurred another $2 billion in operating losses from their liner units.
…..The total shipping revenue of the 16 carriers publishing results — including Maersk Line, Hapag-Lloyd, China Shipping, “K” Line and NYK Line — plunged 40 percent in the first nine months, to $56 billion from $94 billion a year earlier.
…..The Transpacific Stabilization Agreement, a discussion agreement of carriers that control 90 percent of U.S. containerized imports from Asia, last week predicted losses in that trade would hit $20 billion this year, and recommended an “emergency revenue program” involving a rate hike of $400 per 40-foot container on Jan. 15. The Westbound Transpacific Stabilization Agreement, representing carriers in the U.S.-to-Asia trade, on Monday followed with its own recommendation for similar hikes.”
Forty percent off folks - and you think the economy is improving? Only lying “surveys” show things getting “better” - all quantifiable hard data show everything getting worse.
- irishscot2
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