Sluggish foreign trade brings woe to shipping industry

CHANGCHUN, Sept. 2 (Xinhua) -- Industry insiders warned that China's shipping industry would face a difficult situation within the year as a result of slump in import and export growth.

"It would be more difficult (for the sector) in the second half of the year than in the first half," said Chang Dechuan, chairman of the board of Qingdao Port (Group) Co., Ltd, on Saturday.

"Port and shipping enterprises need to be well prepared as the global economic downturn would mire the import and export in the next two to three years, and the situation is compounded by uncertainties in domestic economy," Chang made the comments while attending an enterprise forum in Changchun, capital of northeastern province of Jilin.

Profit growth for port enterprises has dwindled, judging from the performance of listed companies, while shipping enterprises have suffered great losses due to global over-capacity.

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