Shipping Industry Fights for Survival - Essay Example

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Summary

The paper “Shipping Industry Fights for Survival” deals with the shipping industry and has been written to highlight the sudden downturn that is being faced by the shipping industry over this year. The entire industry has been shaken up as the crisis has been very high…

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Subject: Business
Type: Essay
Level: High School
Pages: 1 (250 words)
Downloads: 2

Extract of sample "Shipping Industry Fights for Survival"

As the authors discuss the demand for the containers, it is mentioned that the industry is faced with such a high level of crisis that the industry would first transport those containers for as much as $1500 from Asia to Europe and is now forced to send at $100, which does not even cover for the shipping costs of $300 per container. The article also details how the industry has been chartering huge vessels, however with the current crisis and the sudden dip in the industry, experts believe that the huge charter companies will somehow overcome the storm and survive however chances of the smaller companies to survive to seem very bleak.

The vessel employment rate will also see a high dip and the prices in the industry are also going to be faced with an all-time low due to the glut of new ships. The industry will take some time to recover from this crisis.

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