Port Industry Hit by China’s Trade Conundrum
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.
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.
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.
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.