Seatrade Asia Week: Shipping conditions worse than 2008

The very real spectre of double dip recessions wreaking havoc in the shipping industry occupies centre stage in the latest issue of Seatrade Asia Week. Perennially optimistic Capt Wei Jiafu added a sharp dose of reality this week, saying the second half of this year is likely to see a worse crash in shipping markets than in 2008. Inside the paper, we examine the depressing state of very large crude carriers, which are running at daily losses of more than $1,000 a day.

Adding to owners’ headaches is a delayed ruling on pollution control in China which is likely to see many companies struggle to call on the mainland from January 1 next year. The week’s feature analyses force majeures.

Date: 16 Aug 2011                                                                            Source:Seatrade Asia