Last week’s top stories on CARGO INFO

Shipping major records first quarter loss General market conditions continued to deteriorate during the first months of 2009, according to the AP Moller Maersk Group, which recorded a net loss of USD 373 million in the first quarter of 2009 compared to net profit of USD 1 050 million in the same period in 2008. The Group has warned that its financial results for 2009 could be negative, despite expectations of improved earnings in the second half of 2009. Record number of ships scrapped Dwindling employment opportunities for older containerships have led to a record number of ships being scrapped. For the first four months of the year, reports AXS Alphaliner, 52 cellular ships of 91 000-TEU capacity have been deleted from the containership fleet. Shopkeepers' plight may see interest rates drop again The growth in real retail sales came out on the minus-side again in March, with a growth rate of -5.3% reported by Stats SA, compared to -4.4% in February. It is clear that the sector is in the doldrums, according to Standard Bank economist, Dr Johan Botha. ‘Worst is over for European freight industry’ Latest figures from Danish national bank, Danske Bank, have suggested that the worst of the recession for the European freight industry may now be over, according to International Freighting Weekly (IFW). Its European freight forwarding index (EFFI) recorded increased levels of both volumes and business confidence among forwarders compared with two months ago. German shipping major records loss Hapag-Lloyd recorded operating losses of €222-million (US$302.5-m) during the first quarter, reported International Freighting Weekly, compared to a profit of €18.5-m in the same period last year.