News on South America.
The final months of 2016 brought improvements on the routes from Asia to the east coast of South America. But there is still a long way to go in terms of the activity noted on the routes in the past, writes analyst firm Drewry, warning against excessive optimism.
Authorities in Peru are allegedly not pleased with APM Terminals' work so far in the port of Callao, citing cracks in built infrastructure and used equipment. The terminal company has till October 11th to resolve the issues, or the concession could be revoked.
After several years of billion dollar investments in South and Central America, the region's economic conditions now make Maersk's terminal and port unit slow down its investment pace in the region, reports Danish media Berlingske.
Rates for incoming container routes to Brazil are so low and costly for carriers that in the long-term they could pose a threat to the country's export growth, says Maersk Line's Managing Director for South America.
Maersk Line is investing in thousands of new reefer containers for, among other trades, the highly lucrative market out of Latin America which currently finds itself under pressure. ShippingWatch has interviewed the carrier's new Global Head of Reefer Management, Shereen Zarkani.
2015 surprised big-time with historically low growth rates from the South American continent, which not long ago was seen as a golden market for the shipping industry. The biggest nations such as Brazil and Argentina in particular have disappointed - and 2016 does not look much better.
The low oil price has made it difficult to develop the new offshore growth markets in Angola and Brazil. On the other hand, North America has performed better during the crisis and offers new opportunities for acquisition-hungry Wrist Ship Supply.
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