A strong feature of the 'Top 20' ocean carriers' impressive growth this year, from 76% to 83% of the world's total cellular capacity, is that nearly all of it has been achieved organically. Apart from P&O Nedlloyd's (PONL) purchase of Farrell Lines during the latter half of 2000, little merger and acquisition activity took place. As mentioned in last month's analysis of the top 20 carriers' financial results (see 'Cruising for a bruising', Containerisation International, October 2001, pp55-57), most of the lines involved reported much-improved profits for 2000, so reducing the need for such corporate 'blade sharpening'. Whether or not this situation will continue during the next 12 months remains to be seen, given the number of profit growth warnings that have already emerged out of the slowdown of the world economy, but tongues are now inevitably waggling.
展开▼
