TRADE

For carriers facing

the economic storm,

the U.S.-Europe trade

is a matter of

imperfect balance

By Joseph Bonney

IF YOU WANT to see how the world’s economic axis has shifted, look no farther than the U. S.-North Europe container trade.

T wo decades ago, the Asian economic miracle was just dawning and the Atlantic was still the place to be — a robust market linking the developed economies of Europe and North America. The trans-Atlantic trade was a center of attention as carriers added services, formed or restructured alliances, and battled with cargo interests over regulatory issues.

Now Asia is where the action is, and compared with the Pacific, the Atlantic is pacific. “It’s still a major trade, but it is moribund in some respects,” said Neil Dekker, editor of Drewry Shipping Consultants’ Container Forecaster.

“A quiet little pond with a lot of activity,” said Joe Saggese, managing director of the North Atlantic Alliance Association.

The trans-Atlantic market remains sizable. Just over 3. 2 million TEUs moved between U. S. and North Europe during 2008, but that number looks paltry against the 18. 5 million TEUs in trans-Pacific volume, and it’s heading downward as economies on both sides of the Atlantic take a beating. The trans-Atlantic also has been surpassed in volume by the Asia-Europe, intra-Asia and Asia-Mideast routes.