Drewry: Asia-West Africa Trade on Recovery Path

first_imgThe outlook for the Asia-West Africa trade is improving, but there is much ground still to recover, shipping consultancy Drewry said.Container throughput during the third quarter of this year in the southbound Asia to West Africa trade grew at its fastest rate since the last period of 2014, rising by 7% year-on-year.This built on the 3% growth recorded in the second quarter, which marked the first upswing in over two years. The latest figures yielded a year-to-date growth rate of 3.2% with volumes landing just over 900,000 TEU after nine months.As this trade is highly exposed to the vagaries of the oil market, with the major oil exporting nations in West Africa being highly dependent on foreign exchange earnings to fund imports, the rise in container volumes seen in 2017, therefore, can be partly attributed to the rising oil market.Prompted by improving volumes and freight rates, operators in the Asia-West Africa trade introduced a large slug of additional capacity to the market from August, which led a drop of 25% in the value of spot market freight rates.Looking forward, this trade is set to see similar volumes in 2018 as well, with some modest growth potential.“While the demand outlook is improving there is little reason to expect any great surge in inbound volumes into West Africa next year. Having got greedy, carriers will be more wary of adding too much capacity to this trade in one hit in the future,” Drewry concluded.last_img read more

Boeheim wins Naismith Men’s Coach of the Year

first_imgThe awards keep coming for the Syracuse men’s basketball team.Syracuse head coach Jim Boeheim was announced today as the 2010 Naismith Men’s College Coach of the Year by the Atlanta Tipoff Club. Boeheim, who led the Orange to the Big East Regular Season championship, beat out Steve Alford (New Mexico), John Calipari (Kentucky) and Frank Martin (Kansas State) to win the award. Boeheim also won the Associated Press Coach of the Year.‘This really is a tremendous honor,’ Boeheim said in a press release by the Atlanta Tipoff Club, a group of basketball journalists, coaches and administrators. ‘It is a reflection of the great team I was privileged to coach this year.’After being picked to finish sixth in the Big East preseason poll, Boeheim led the Orange to a 15-3 in the league to outright win the title. For the first time in 20 years, the Orange was ranked No. 1 in the country.Syracuse entered the Big East Tournament as the top seed, and also earned a No. 1 seed in West region of the NCAA Tournament. The Orange advanced to the Sweet 16 for the second straight year, but fell to eventual runner-up Butler, 63-59. Syracuse finished with a 30-5 record overall.AdvertisementThis is placeholder textBoeheim won his 800th game this season in the Orange’s season-opening win over Albany, and is sixth all-time (second active) in Division I history with 829 wins. His teams have won 20 games for 32 consecutive seasons, the longest streak by any coach.‘This season clearly illustrated why Jim is one of the top coaches in the profession,’ said Gary Stokan, Atlanta Tipoff Club president. ‘His ability to take good teams and make them great is what he does best, and we congratulate him for winning this prestigious award.’[email protected] Comments Published on April 5, 2010 at 12:00 pmcenter_img Facebook Twitter Google+last_img read more