Tuesday, July 31, 2012
Maersk exec: "Current rates are not able to cover our costs"
The largest container-shipping company in the world is reportedly losing $217 per forty-foot container transiting between Melbourne, Australia and Qingdao, China.
"Current rates are not able to cover our costs and we cannot sustain continual losses," said Gerard Morrison, director of sales for Maersk Line at an industry conference in Melbourne.
Morrison said the global shipping industry averaged a rate of return of 2 percent in 2011 – one fifth of its 10 percent goal.
For the Wall Street Journal source report: online.wsj.com
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