With the global economic recession starting to lift, major shipping companies operating the world’s merchant marine fleet has started to show some signs of recovery and growth.
Shipping companies started to resume the path to growth include the Singaporean flagged container line Neptune Orient Lines (NOL) which is now moving idle ships back into service in response to increasing trade demand.
Many NOL ships had been idle during the downturn, adding to pictures of scores of ships at anchor in the Straits of Singapore.
While the Chinese-owned China Ocean Shipping Company (COSCO), the world’s second-largest shipping company, has also pointed to signs of an upturn.
Its group president and chief executive, Wei Jiafu, claimed that the container market had returned to profit this year, and that the Far East to Europe trade route was back at pre-crisis levels.
The recession has also affected the shipbuilding industry in South Korea and elsewhere, as carriers could no longer afford to pay for ships ordered or cancelled new builds. This might create a shortage of new vessels when demand increases