Monday, 09 August 2010 13:42
Last Updated on Monday, 09 August 2010 14:06
‘Our protectors are turning a blind eye’
Mike King | Fri, 9 Jul 2010
John Lu, Chairman of the Asian Shippers’ Council, tells IFW why he believes “cartel” behaviour by shipping lines threatens the future of exporters in Asia and the recovery of global trade.
IFW: Do Asian shippers believe the corner has been turned, in terms of international demand?
Lu: The recovery has been much faster than expected. Business has recovered, but the economy overall is still uncertain. Orders are smaller and more short-term than pre-crisis.
IFW: Has the global financial crisis left any long-term scars on Asian manufacturers?
Lu: When the crisis struck, orders just stopped. Global trade shrank about 20%, but exports in Asian countries were down by as much as 50%. A lot of factories were forced to close and the survival of the industry was in question at one point.
Read more...