News / 'Vessel orderbook won't overbalance the market', claims Cosco GM

© Sheila Fitzgerald

Cosco Shipping Holdings deputy GM Chen Shuai has sought to calm concerns that the overcapacity seen after the 2008 global financial crisis could be repeated, thanks to the huge number of newbuildings on order.

Mr Chen was speaking at a media briefing last week to discuss Cosco Ship Holdings’ financials for the first nine months of 2022.

During the period container shipping volumes declined, to 18.5m teu from 20.4m teu a year ago, but turnover was up 37%, year on year, to ...