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Fall Off Demand For Container Ships - Assignment Example

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The article deals with the shipping industry and has been written to highlight the sudden down turn 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 and as said by the world’s top consultant to…
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Fall Off Demand For Container Ships
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Article Shipping Industry Fights for Survival Article: 11th August 2009 Alexander Jung, Thomas Schulz and Wieland Wagner Retrieved from http://www.businessweek.com/globalbiz/content/aug2009/gb20090811_320246.htm
Summary:
The article deals with the shipping industry and has been written to highlight the sudden down turn 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 and as said by the world’s top consultant to the industry, Drewry Shipping Consultants, "The industry is looking at the edge of a deep abyss." And industry publication Lloyds List writes: "Container shipping was thrown into a full-scale panic." This does come a big warning for the industry as this is the first time that the industry is being faced with such high levels of crisis. 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 that 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 some how overcome the storm and survive however chances of the smaller companies to survive 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. Read More
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