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Friday, 05 April 2019 11:09

ICS suggests oversupply still major challenge

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Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned today that avoiding overcapacity and unsustainably low freight rates is still a major challenge ten years after the massive downturn of 2008. Mr. Bennett said, “In that time shipping companies needed to show restraint when ordering new ships, to prevent stifling recovery. Yet the dark clouds of protectionism and slowing growth in key economies mean that the avoidance of overordering is now more important than ever.” Furthermore, he noted that overcapacity in the shipbuilding sector will continue to be a temptation.

 

 

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