Truth or Consequences?
Vol. XXIII, Art. 13

“To tell the truth.” ... “What’s my line?” ... “Do you trust your wife?” Those were all popular TV programs a few years ago. It was fun trying to guess who was telling the truth and who was pulling your leg.

Trying to figure out who’s telling the truth and who’s pulling your leg isn’t fun nowadays, though.

1. “Business Times – 27 Apr 2010 – Chinese demand will drive the dry bulk and container line markets: — Capt. Wei ...

“(SINGAPORE) The current decade belongs to Asia in general and China specifically. And the biggest name in Chinese shipping, Cosco Group president and CEO Wei Jiafu, was the best person to tell Singapore’s maritime community about the industry’s prospects through the fourth Singapore Maritime Lecture yesterday.

“First off – and putting to rest any doubts about economic recovery – Captain Wei said: ‘The worst time has gone. The global economy is on a gradual recovery track.’”

[Captain Wei apparently hadn’t yet been told that Cosco, his own company had just revealed that a profit plunge of 164 percent had produced a $ 1.09 billion loss. Nice recovery.] Needless to say, Capt Wei was also in the dark about other industry happenings ... like for instance:

2. “Cargo Business Newswire – Thursday, April 29, 2010 – Japan’s top three shipping groups post Q1 losses.

“Japan’s top three shipping lines posted drops in profits and revenue for their respective first quarters. The Asian nation’s biggest shipping group, NYK, reported a 30 percent drop in revenue and a $ 187.5 million loss over last year’s $ 596.4 million profit.

“The number two Japanese liner, ‘K’ Line, showed a net loss of $ 729.7 million over its $ 344 million profit from the previous year.

“Rounding out the top three was MOL, which saw a 90 percent plummet in profit and a 27.8 percent drop in revenue.”

3. “Lloyds List – 4/29/2010

“China Association of the national Shipbuilding Industry president Zhang Guangqin warned that the precarious positions of European shipowners and Europe’s continuing economic woes could precipitate a new flood of cancelled orders at Chinese shipyards.”

[This guy, Captain Wei ... doesn’t he do any reading at all?]