FRANKFURT Oct 24 Danish group A.P.
Moller-Maersk said it did not expect the problems
of overcapacity in container shipping to return to pre-crisis
levels with only modest growth expected in the next few years.
Growth rates of around 10 percent, the average before the
financial crisis, are a thing of the past, daily Hamburger
Abendblatt reported Soron Skou telling an industry association
"We expect an average of 5 to 7 percent growth in
transportation volumes in the near-term," he said. "We must
learn to live with overcapacities."
The oil and shipping group said earlier this month it would
cut investments in its container shipping unit Maersk Line
following low demand for its core Asia to Europe trade.
Ship owners are struggling with an oversupply of vessels,
high bunker fuel prices and world economic turmoil, forcing
banks to pull back from shipping finance amid a four-year-long
downturn that is likely to extend well into 2013.
France's Societe Generale, Germany's Commerzbank
and HSH Nordbank AG are among the financial
institutions that have reduced their exposure to the shipping
industry, selling significant portions of their maritime
(Reporting By Marilyn Gerlach; Editing by Mike Nesbit)