Maersk sees rates rising to pre-downturn levels in 2010

DANISH shipping giant AP Moller-Maersk CEO Nils Andersen said he expects freight rates to return to pre-downturn levels by the end of the peak season this year, Reuters reported.

"It will come back to pre-crisis levels, to a level where the industry can get return on their investments," said Mr Andersen told reporters in Singapore, adding that Maersk would also keep adding more containers to meet the global shortage.

Speaking on the sidelines of a ceremony to name its latest floating oil storage vessel, Mr Andersen said he did not expect the container sector to be much affected by a possible slowdown in China because the box shortage would cushion its impact, but that bulkers and carriers would be more vulnerable.
(Source:www.schednet.com)