Double-digit growth likely to slow down

Safmarine recorded double-digit growth into and out of Africa for the first six months of 2008, according to Africa regional executive Jonathan Horn. With consumption in the South African market reducing as a result of the current economic situation (interest rates, credit squeeze, high food and fuel prices), import growth was lower than the preceding import boom years of 2004-2007. According to Horn, South Africa currently accounts for some 40% of Safmarine's import volumes into Africa. “However, for the rest of the continent we have seen the pattern of strong import growth continue – growth in Africa has been 'above average' compared to other markets.” Slow to moderate import growth is expected for the rest of the year and 2009.