The world's container ports industry is facing a sharp reversal in its fortunes as the sector's first ever year-on-year fall in volumes forces an abrupt change from breakneck expansion to retrenchment.
The four biggest operators - Hong Kong's Hutchison Ports, Singapore's PSA, Denmark's APM Terminals and Dubai's DP World - have cut costs, including laying off staff, and delayed or canceled new construction projects.
London-based Drewry Shipping Consultants forecasts a year-on-year fall of 10.3 percent in containers moved this year, compared with 4.6 percent growth in 1982, the previous worst-year since 1956, when container shipping started.
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