Shipping swirl in choppy waters
By Zhang Fengming |
May 9, 2011, Monday
|
Print Edition
Print Edition
BUOYED by rising orders China became the world's biggest ship maker, but its shipping industry faces rising costs of oil and an over-supply situation, its deputy transport minister said over the weekend.
China built 65.6 million deadweight tons of ships in 2010, accounting for 43 percent of the world's total, the People's Daily reported yesterday. China's new orders topped 75.23 million dwt last year, or 54 percent of the global market share.
However, the shipping industry faces an industry-wide oversupply and rising oil prices, reported China National Radio, quoting deputy transport minister Xu Zuyuan on Saturday.
JPMorgan Chase & Co raised its oil-price forecasts because OPEC (Organization of Petroleum Exporting Countries) and other producers aren't matching rising demand, Bloomberg News reported on Saturday.
The United States investment bank raised its 2011 Brent crude forecast to US$120 a barrel from US$110, and lifted its estimate for West Texas Intermediate crude to US$109.50 from US$99.
Oil prices fell below US$96 a barrel last Friday in Asia.
China has ranked as the top port for cargo and container throughput for seven consecutive years. In the first quarter of this year, cargo throughput rose 14.3 percent annually to 2.08 billion tons.
China built 65.6 million deadweight tons of ships in 2010, accounting for 43 percent of the world's total, the People's Daily reported yesterday. China's new orders topped 75.23 million dwt last year, or 54 percent of the global market share.
However, the shipping industry faces an industry-wide oversupply and rising oil prices, reported China National Radio, quoting deputy transport minister Xu Zuyuan on Saturday.
JPMorgan Chase & Co raised its oil-price forecasts because OPEC (Organization of Petroleum Exporting Countries) and other producers aren't matching rising demand, Bloomberg News reported on Saturday.
The United States investment bank raised its 2011 Brent crude forecast to US$120 a barrel from US$110, and lifted its estimate for West Texas Intermediate crude to US$109.50 from US$99.
Oil prices fell below US$96 a barrel last Friday in Asia.
China has ranked as the top port for cargo and container throughput for seven consecutive years. In the first quarter of this year, cargo throughput rose 14.3 percent annually to 2.08 billion tons.
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