Tuesday, September 8, 2009

$6 Billion and counting...

From The Journal of Commerce
All 17 major public shipping companies lost money so far this year

Losses sustained by liner companies hit more than $6 billion in the first six months of the year, according to AXS-Alphaliner.

That just for the first half of 2009. And get this...

Current freight rates are cash negative and all major carriers are making losses at the EBITDA level (Earnings before Interest, Tax, Depreciation and Amortization).

Just imagine how bad the results for 2009 will be.

click here for link to article

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