Shanghai: Shipping is on a V-shaped recovery, maintained the boss of China’s most powerful shipping conglomerate.
‘Capt Wei Jiafu, president and ceo of COSCO, made this announcement in the final morning session of the China Maritime Congress held in Shanghai, coorganised by Shanghai JiaoTong University and Seatrade. Wei pointed to the recoveries in the Baltic Dry Index and western stock markets as grounds for optimism. In China domestic consumption has rocketed this year, he said. Wei revealed he had timed this cycle to perfection, offloading 126 ships in January 2008 at the height of the market. He called on his fellow shipowners to sort out the oversupply of tonnage together, praising Gao Yanming of HOSCO for his decision to cancel a tranche of his orderbook. Wei also said it was up to owners to voice their support for greater trade liberalization at a time when the spectre of protectionism hangs over world trade.