13 Mar 2014
The global merchant shipping fleet today is not the same as it was just a mere year ago. Market conditions affecting freight volumes and freight rates have been bearish on the back of a worldwide recession resulting in slumping trade and energy demand.
Yards have not been having new orders for many months now and for the first time in many years no one has been able to conclusively define the parameters for a revival.
A significant enough number of ships around the world remain idled for analysts to express confidence that more shipping companies are set to join the unfortunate ones that have already gone bankrupt.
With no clear indication at all when they can re-enter the markets and and start returning their owners' investments, the number of merchant ships in the water but without employment stands as a loud reminder that the industry as a whole is now a pale shadow of its former self.
Vote below to share your view on when the shipping industry in terms of freight volumes and new orders will return to its glory days pre-2008.