Japanese shipping line, Nippon Yusen Kaisha, is set to quit the Asia-West Africa route, Dewry, an independent maritime advisor, has said.Data from Container Trades Statistics showed that container volumes from Asia to West Africa decreased in nine months in 2015, with the most recent year-on-year decline reaching 10 per cent. The NYK makes two calls in Nigeria, Lagos-Apapa and Lagos-Tincan, but the country has suffered badly from crashing oil prices as it relies on oil revenue for over 90 per cent of its foreign exchange earnings. With excess supply, Nigeria is having difficulty selling its oil. It has also been forced to sell much of its production on the spot at even lower rates. Nigeria’s currency, the naira, has subsequently fallen to record lows against the US dollar. Construction contracts and international investment
have stalled with consumer demand also considerably reduced. Cargo volumes which fell by 30 per cent from 2014 have obliged APM Terminals to cut its workforce at its facilities in Apapa. Dewry said, “The lacklustre demand in the trade has forced carriers to curb any growth to capacity with the monthly count of available southbound slots generally static in the last few months. “Southbound utilisation levels on vessels fell to 64 per cent in October, versus the low-70 per cent range of a year ago.” It has also predicted that more carriers might quit the sector as container volumes continue to fall, resulting in reduced vessel load factors and declining freight rates. Spot freight rates have subsequently plunged to around half of their average value of last year, and during November stood at around $1,800 per 40ft. Drewry said the situation on the trade had gone from bad to worse, showing no signs of recovery. The NYK has operated the Asia-West Africa service, which it dubbed WAX, together with Hapag-Lloyd and Gold Star Line since January, following a reshuffle of vessel-sharing agreements on the route. The remaining partners are continuing to operate the link, deploying a dozen 2,500-3,500 teu ships, and are understood to have replaced the two vessels previously provided by the NYK with freshly chartered tonnage. In what the World Bank has described as a challenging year for the African continent, prices of commodities such as iron ore, copper, rubber and cotton have also plunged. Encouraged by a seven per cent southbound growth in 2014, the NYK has no doubt become disillusioned with the prospects on the trade and decided to quit the route rather than wait for a recovery. Like many carriers operating under extreme financial pressure, the NYK constantly reviews its service links and is no longer concerned about any bad public relations that may follow the short notice exit. It follows compatriot MOL’s announcement in June that it was withdrawing from the Europe-West Africa trade after poor results.

Change we seek and change got...simple,oya japanese line pack your load dey go haus make una go clamour for una own change

Who is releasing all this bad news on top Buhari's head??

If you cant see the change promised by Buhari then you must be a SUPER WAILER.



The only news that is not suspicious is that wailing wailers and the gullible are still sleeping at fuel stations queuing for fuel.

People should get prepared for a serious economy recession and embrace Agriculture.. It will be devastated

If we must develop, then this is good news. Bye bye to them all.

The difference between NEPA bill certificate and Phd is being exhibited. I now concur that Army has no economic and political knowledge, only trial and execution.

CHANGE everywhere

Well we can be positive and hope that it will only get worse before it gets better...

Failure is an orphan.

More foreign companies will leave.

Too bad!

Buhari thinks he can insult the 5% regions and still make use of their oil wealth to develop the so called 97%

By next year, most of you who voted out of hatred/selfishness will regret.


The God of the 5% will help we the 5%

What if I told you this op is a wailer?

buhari, maka y?

Reduction in ship importing tins to Nigeria may be a good news. It means we are importing less goods which could be a positive tin.

Thereby putting us in d direction of trade surplus.

This could also be a good news to made in Nigeria products which can serve as substitute.

Oya Change agents...Over to you!!!

tuale4u:
Reduction in ship importing tins to Nigeria may be a good news. It means we are importing less goods which could be a positive tin.

Thereby putting us in d direction of trade surplus.

This could also be a good news to made in Nigeria products which can serve as substitute.

I don't like friends who reason from the anus!!
Tell me,what do you export that'd shift the balance of trade to the positive side

cheruv:

I don't like friends who reason from the anus!!
Tell me,what do you export that'd shift the balance of trade to the positive side

Please ask him ooooo

What do we export.?

I can't wait to get out of this country

This is the effect of buhari's change agenda.no be una vote am in?he don come now una dai complain
#teamGOODLUCKJONATHAN
#teamPDP

TechRev:
Who is releasing all this bad news on top Buhari's head??

If you cant see the change promised by Buhari then you must be a SUPER WAILER.



The only news that is not suspicious is that wailing wailers and the gullible are still sleeping at fuel stations queuing for fuel.

lol... u are truly seeing the change, the only change am seeing is bad news everyday, from shooting armless and peaceful protesters to arresting everybody in the opposition to travelling everyday like someone who doesn't have handwork to investors fleeing the country every single day.

Princemilla:
If we must develop, then this is good news. Bye bye to them all.

It took me a while but I finally found intelligent life on this thread.

Bravo Sir, bravo.

MyGeneration:

lol... u are truly seeing the change, the only change am seeing is bad news everyday, from shooting armless and peaceful protesters to arresting everybody in the opposition to travelling everyday like someone who doesn't have handwork to investors fleeing the country every single day.

The had arms. They had bows and arrows, matchettes and clubs.

There are many good news out of Nigeria.

New Ooni of Ife, new call center in Ibadan, etc

Take the hills with the valleys.

The Eastern businessmen are going to bear the brunt of all these. Well done messiah Bubu, ride on with the economic genocide on the Easterners.

Candyrain:
The Eastern businessmen are going to bear the brunt of all these. Well done messiah Bubu, ride on with the economic genocide on the Easterners.

Wrong

We SS/SE businesses will escape Buhari's disastrous policies.

But

That's through daily prayer.

EternalTruths:


Wrong

We SS/SE businesses will escape Buhari's disastrous policies.

But

That's through daily prayer.

I concur

EgunMogaji:


The had arms. They had bows and arrows, matchettes and clubs.

There are many good news out if Nigeria.

New Ooni of Ife, new call center in Ibadan, etc

Take the hills with the valleys.

lol... new ooni of ife is a goodnews about Nigeria.
Ignorance is truly sth to marvel about, if Ife has a new Ooni wud dat increase the price of crude oil in the market?

When I told Nigerians in August that by january they will regret voting for buhari ,ppl didn't believe now here is the situation we so much dreaded and which the apc kept denying

onatisi:
When I told Nigerians in August that by january they will regret voting for buhari ,ppl didn't believe now here is the situation we so much dreaded and which the apc kept denying

I hope you have joined the SS/SE prayer crusade

Leave the Zombies just realising that the CHANGE they voted is actually JUJU

MyGeneration:

lol... new ooni of ife is a goodnews about Nigeria.
Ignorance is truly sth to marvel about, if Ife has a new Ooni wud dat increase the price of crude oil in the market?

Demonstrate maturity and show pride that you benefited from some education while debating in public.

Do you know the effect of the coronation on the economy of that city?

Do you care to calculate how much the various hospitality industries would have earned from guests during the festivities?

Stop looking at the world through jaded eyes.

It's not that bad and take pleasures in little accomplishments.

EgunMogaji:


Demonstrate maturity and show pride that you benefited from some education while debating in public.

Do you know the effect of the coronation on the economy of that city?

Do you care to calculate how much the various hospitality industries would have earned from guests during the festivities?

Stop looking at the world through jaded eyes.

It's not that bad and take pleasures in little accomplishments.

lol... so Nigeria should be coronating new Ooni's everyday inorder to add to the economy now.

MyGeneration:

lol... so Nigeria should be coronating new Ooni's everyday inorder to add to the economy now.

Okay I see what's going on here.

Good day.

EgunMogaji:


Okay I see what's going on here.

Good day.

am not saying this out of sentiments, ok I take back what I said but seriously its no news dat d economy is going bad.