shipping-outlook-bleak

Shipping outlook bleak

The global slowdown and overcapacity take their toll on the shipping industry.
November 26, 2008
Global shipping demand is shrinking, as evidenced by the fact that the London Baltic Dry Index is trading at its lowest levels in years. Closer to home, October throughput at the Hong Kong port was down after posting strong gains through the summer.

The decline in shipping traffic has been sudden and dramatic. ôQuite frankly, no oneÆs ever seen anything like this,ö says Standard Chartered managing director and head of shipping finance Nigel Anton. ôItÆs been quite incredible across all the sectors, but particularly in the dry bulk and the container market. There has been some weakening on the tanker market but nothing like what weÆve seen on the dry and container markets.ö

The Baltic...
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