ICS disappointed: “CII Resolution unsupported by Member states”
NewsICS is disappointed to see that the proposed resolution clarifying the current status of the CII rating system did not receive support from Member states.
Insurers raising the stakes in downturn
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.
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