A number of container industry players are now reporting an uplift in cargo volume and generally suggesting that things are getting better. The road to recovery? Well, it depends on how you define it. If you are a container shipping line, yes; on certain key trade lanes you can point to a recovery in volumes and a steady push upwards in terms of freight rates. But in reality there is zero chance that in terms of profitability that the good old days are anywhere near back. Quite the opposite. Today, CMA CGM is fighting for its life … Zim, the Israeli container line, has only just been pulled back from the brink of bankruptcy by a rescue package; Maersk Line’s third quarter results for 2009 brought losses for the year to date to $1.54bn and the German line Hapag Lloyd, also the beneficiary of a state aid rescue package, is now implementing pay cuts across the board in its global workforce of 5.
