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Working life of mega-alliances will raise rates: Seaspan chief
GREATER industry consolidation, sparked by mega-alliances, is the most promising way to restore freight rates, says Seaspan CEO Gerry Wang.
"My view is that the actual merger and acquisition would be limited," Mr Wang said on a conference call with investors. "Alliances will work together more closely, not only vessel sharing but also on freights."
Mr Wang made the remarks on the release of Seaspan's quarterly results, when it reported 68 per cent year-on-year decline in profit to US$18 million.
Mr Wang said recent rate volatility would be short lived as liners continue to work closely together.
Alliances, he said, rather than mergers would drive the trend for the time being, even after Hapag-Lloyd/CSAV deal.
"My view is that the actual merger and acquisition would be limited," Mr Wang said on a conference call with investors. "Alliances will work together more closely, not only vessel sharing but also on freights."
Mr Wang made the remarks on the release of Seaspan's quarterly results, when it reported 68 per cent year-on-year decline in profit to US$18 million.
Mr Wang said recent rate volatility would be short lived as liners continue to work closely together.
Alliances, he said, rather than mergers would drive the trend for the time being, even after Hapag-Lloyd/CSAV deal.
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