Shipping downturn to continue: report

The downturn in China's shipping market had persisted for five quarters at the end of 2012 and is likely to continue in the first quarter of the year, said a report released on Wednesday by the Shanghai International Shipping Institute, an industry research and consultation institute.

The institute set up two indices to track the performance of the country’s shipping sector.

The China Shipping Prosperity Composite Index ended at 88.58 in the fourth quarter of 2012, suggesting a relatively stagnant market performance.

The other index, the China Shipping Confidence Index, stood at 58.76, which was seen as a reflection of diminishing revenues for the country’s shipping companies.

A market upturn is unlikely to be seen in the first quarter of 2013, the report said.

"The shipping industry remains sluggish in spite of the economic uptrend. The recovery of the domestic economy is not enough to bolster up its fragile base and thus may bring about multiple pressures on further growth in 2013," the report added.