Rolf Habben Jansen, CEO of Hapag Lloyd, has said he believes that the shipping industry is approaching an enhanced working environment despite the recent industry downturn, reported JOC.com
According to Jansen, despite the harsh business conditions remaining for the immediate future, he expects recovery to begin in 12-24 months’ time due to the liquidation of companies and scrapping trends rebalancing supply and demand.
Jansen said: “The industry is definitely tough at the moment and while we can’t say the future is bright, there is a light at the end of the tunnel.”
There is much concern over the future of the shipping industry following the collapse of Hanjin Shipping, and with more and more major shipping companies reporting losses.
It was reported by PTI that the Hanjin disaster could be lucrative for other shipping companies such as Maersk, as one of the main problems facing the industry is under-demand.
Many companies are choosing to merge or sell assets to combat the industry slump, such as Hyundai Merchant Marine who has recently created a ‘min-alliance’ to fill the gap left by Hanjin.