In what is shaping up to be the worst year in modern liner shipping history,
revenues of the main container carriers have dropped by 35% in the first quarter of 2009 compared to the corresponding quarter last year.

According to Paris-based consultancy, AXS Alphaliner, the total
revenue of eleven of the Top 20 carriers that reported segment results for
their liner business decreased from US$22.40-billion a year ago to US$14.45-bn – a drop of US$7.95-bn.

These eleven carriers control about 45% of the total liner capacity deployed.

AXS expected further revenue reductions for the rest of the year, and liner
operators could face a US$40bn-US$50-bn combined revenue shortfall for 2009 versus 2008 - much larger than that currently predicted by analysts.