FT.com / MARKETS / Commodities - View of the Day: Shipping’s struggle to stay afloat
View of the Day: Shipping’s struggle to stay afloat
Published: December 9 2008 17:46 | Last updated: December 9 2008 17:46
The economic crisis has resulted in a fall in demand for freight transport, threatening the survival of many ship owners and operators, says Axel Pierron of Celent, the research consultancy.
Mr Pierron says a “huge financing requirement for shipbuilding order books” has emerged because banks are reluctant to finance vessel purchases, provide guarantees for payments to shipyards or to guarantee payments for goods, especially in the dry bulk sector which represents 55 per cent of all sea-borne trade.
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