Shipping market sluggish in first half 2002

The shipping market failed to escape from its slump during the first six months this year.
According to the Ministry of Maritime Affairs and Fisheries (MOMAF) and the Korea Shipowner?s Association on July 28, the Howe Robinson Index (HR), an indicator of container rates levels, reported 514.4 points on average for the first half this year. This figure is higher than 456.3 points, the lowest point made in the last January. However, it is lower by as much as 287.4 points and 307.2 points than the figures in the same period of last year and the January ?June 2000 period, respectively. The rates in Pacific trade and Asia/Europe have continued to decline following last year.
Average container rates in the outbound Pacific trade marked 1,540 dollars per TEU in the January ?March period, which fell by 499 dollars and 277 dollars compared to the same periods in 2000 and 2001.
Inbound rates toward Asia from the U.S. and Canada, also recorded to 751 dollar, fell by 51 dollars and 10 dollars compared to 2000 and 2001.
Dry bulk carriers for grain showed the MRI index (100 basis in 1972) hit 217.2 in the first half this year, a slight rise compared to the end of last year. However, it dropped by 19.2 and 29.8 compared to the same period of 2000 and 2001.
During the first half this year the World Scale index, an index for oil carriers shuttling between the Middle East and Far East, also plunged to 39.7, far less profit-and-loss point, 80.