Monday, August 31, 2009

Bloomberg news - bulk shipping rates to drop 50%

Lengthy article from Bloomberg, basically stating bulk shipping rates will reduce by 50 percent, due to contraction in China.

Aug. 31 (Bloomberg) -- Just as global trade starts to recover, the shipping market is crashing for the second time in a year as China reduces raw-material imports and record numbers of new vessels set sail.

The rate for leasing capesize ships, boats three times the size of the Statue of Liberty, will drop about 50 percent from the current price of $37,865 a day to as low as $18,000 before the end of the year, according to the median in a Bloomberg survey of six analysts and fund managers.

click here for link to complete article

1 comment:

Gold Star Ship said...

This by no mean a good news for Shipping Industry. Anyway good for customers that rate is cut down by half. It will become natural with emergence of India and China. Specially Company like Gold Star Ship who provide almost all kinds of services regrding shipping gives cheap but quality services.