The shipping industry is in the middle of the biggest global recession seen in the past 60 years. Shipowners and charterers went from boom to bust in an incredibly short time; commodity prices and ship values plunged ever downward over a few months; ocean carryings dropped dramatically as trade slowed to a trickle on many routes; and with little demand for Chinese and American exports, port and terminal operators saw a huge decline in activity and revenue.
Into 2009 and the story has been one of cancelled ship newbuilding orders - with half the containership orderbook facing the chop - slow steaming, switched routes and cancelled sailings among container lines and a steady build-up of tonnage going into lay-up....
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This complete item is approximately 1500 words in length, and appeared in the May 2009 issue of WorldCargo News, on page 59.
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