Since the middle of 2008, ocean going freight companies have felt the pinch of the worldwide recession with a dramatic decline in orders for transport. This decline has affected almost every type of vessel including oil tankers, cargo vessels, cruise ships and even luxury yachts. In fact, it is estimated that over 1,000 ships are either in hot or cold storage all over the world, and about half of these are container vessels while 200 are bulkers. Additionally many cargo ships are leaving port at 50% to 70% capacity which creates a heavy impact on the profitability of that trip. Recently low demand in crude oil resulted in numerous oil tankers being left at sea with no apparent destination. The shipping industry certainly is in crisis mode.

You do not currently have access to this content.