Port Industry Hit by China’s Trade Conundrum

 12 Feb 2016     Carriers, Finance, Global Economy/Trade, Ports

Shipbuilders, container lines, and port operators that took advantage of China’s global resource boom are among the biggest victims of the country’s slowdown, after China’s exports fell by 1.8% in 2015, while its imports dropped 13.2%, according to Bloomberg.

Read: Is the World Economy Toast?

At the Port of Singapore container traffic fell by 8.7% in 2015, which is the first decline in six years.

Volumes at the Port of Hong Kong also fell by 9.5% in 2015.

Read: Chinese Shipping Firms Risk Bankruptcy

Beyond Asia, the Port of Rotterdam also recorded a dip in containerised traffic for the year.

The Baltic Dry Index, which measures the cost of shipping coal, iron ore, grain, and other non-oil commodities, has fallen 76% since August, 2015.

Read: Container Trade Rates to Decline in 2016

PTI recently published a story that reported on the plummeting of the index, which has continued its decline since late 2015.

According to Reuters Africa, the index and currently stands at 290 points.

Read: Baltic Dry Index Hurtles to Record Low

Read: Is Shipping the Mirror of Global Trade?