ShippingWatch

UASC projects full-year deficit for 2015

Following Maersk Line's massive downgrade of its full-year 2015 forecast, the carrier's biggest global competitors are now following suit. One of the most expansive carrier's right now, United Arab Shipping Company, tells ShippingWatch that its bottom line is certain to finish in the red.

Photo: UASC

The container industry is about to release a string of interim reports which all look set to be severely impacted by the historically low rates and far too many ships sailing the world seas with far too few containers on board.

Especially global trade's main tradelane from Asia to Europe has been plagued by the low and still-declining rates noted in recent months, in which even the carriers' coordinated attempts at raising the rates and idling ships for weeks were unable to improve the situation. First out of  the gate was Maersk Line, as the carrier on Friday last week had to capitulate and lower its projected full-year underlying result for 2015 by no less than USD 600 million, and now one of the world's other major container carriers, Dubai-based United Arab Shipping Company, UASC, is following suit.

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