Year-long decline in major trade lane slowed significantly in July.
The year long decline in Asia-Europe container traffic has slowed significantly, in a major boost for carriers attempting to push through higher ocean freight rates on the world's biggest liner trade.
Shipments from Asia to Europe fell 17.1 percent in July from a year ago, down from a 22 percent drop in the first half of the year, the European Liner Affairs Association said in its latest monthly traffic report.There were major regional variations between north and southern Europe.
Traffic to north European ports fell 19.6 per cent from July 2008 while shipments to the west Mediterranean were down only 5.9 percent, though this reflected lower volumes in 2008 rather than stronger growth in trade.
Volume on the Asia-East Mediterranean/Black Sea trade dropped 20.18 percent from a year ago.
China continues to dominate the market, accounting for 74 percent of cargo volume in July, the Brussels-based ELAA said.
