Although commodities prices have rallied from recent lows based on hopes that trade and manufacturing will recover thanks to various government stimulus plans, reports still show continuing deterioration or at best stagnation in shipment volumes.
The latest sighting, on container traffic, comes from the Financial Times. Note that containers carry higher value added goods than bulk carriers. And even though Singapore shows a decline in November, its volume for the year up to that point showed a healthy increase over the prior year.
Singapore, the world’s biggest container port, suffered last month its first fall in throughput traffic since 2001 due to a slowdown in global exports that has affected the Asian shipping industry.
Container traffic shrunk by 1.5 per cent in November from a year ago …Monthly traffic volume has been slowing since July, although total shipments have increased by 9 per cent to 27.8m TEUs through November from a year ago…
Economists believe that its container traffic will continue to decline until at least mid-2009 as the city-state is expected to be among the worst-affected Asian countries in the global recession due to its heavy reliance on exports.