An analysis of the latest trade data for the whole of 2012 reveals how severe the downturn was in 04 11 and Ql 12. The implication is that 2O12's volumes in several major tradelanes will be lower than in 2011. At a global level, we estimate that total loaded maritime cargo (TEU) grew by only 6% between 04 10 and Q4 11, and that, overall, global cargo growth will only reach 2% this year.
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