NOL

NOL: -1.1% at $1.88, extending yday’s 2% decline.
Drewry Maritime says the US$240b container shipping industry is set for a bust this year, ending its shortest growth cycle in at least 15yrs. This is a sharp reversal from the US$8b Ebit Drewry had estimated the industry to make in 2011, back in Dec last yr…

Notes that shipping lines are cutting rates to compete for orders as they launch ships faster than demand growth. Freight rates climbed 29% and volumes grew 13% last year on a global economic recovery, but in 1Q this yr, freight rates btnw Asia and declined, causing “some panic” among lines. House tips rates for east-to-west trade, excluding fuel costs, to slide by 13% for the full year.