Recent History of the North East Asia Sample Clauses

Recent History of the North East Asia. Australia liner trades. The recent history of the North East Asia – Australia liner trades has been one of significant entry by lines, leading to excess capacity and contemporaneous falls in demand, leading to low freight rates. Subsequent rationalisation of capacity by the lines and a coincidental significant boom in demand for Chinese goods by Australian consumers has led to upward pressure on freight rates for the southbound liner trade. In addition, there is currently a substantial imbalance in the direction of trade flows, with reported vessel utilisation for liners bound for North East Asia at less than 70 per cent for the first half of 2003, compared to between 80 to 100 per cent for southbound liner services. 4 In the years 1998 and 1999, entry by new lines into the Australia – North East Asia liner trades 5as well as capacity increases implemented by incumbents contributed to excess capacity in the trade in 1999, causing both northbound and southbound freight rates to fall. According to press reports at the time market freight rates for imports from Hong Kong fell to between $US550 and $US600. 6In response the shipping lines embarked upon a rationalisation program during the following two 4 Containerisation International February 2003, Healing Powers p 37 and p 39. 5 MSC and Maersk entered in 1998, while China Shipping and Evergreen Marine and its ASA partners Hanjin , Regional Container Lines and Xxxxx Xxxxxxxxx entered in 1999.