Executive Briefings

World Shipping in Doldrums And More Ships Are on the Way

From the sheltered waters of Subic Bay in the Philippines to Falmouth on the south coast of England, a vast, swelling armada lies idle. In Asia's deep-sea havens 750 vessels-container ships, bulk carriers, tankers, car carriers and others-are laid up. A further 280 are sheltering in European waters. According to Lloyd's Marine Intelligence Unit, nearly 10 percent of the world's merchant ships are swaying gently at anchor because of a collapse in global trade.

Worse, there is a huge supply of new ships on order and due off the slipways over the next four years.

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From the sheltered waters of Subic Bay in the Philippines to Falmouth on the south coast of England, a vast, swelling armada lies idle. In Asia's deep-sea havens 750 vessels-container ships, bulk carriers, tankers, car carriers and others-are laid up. A further 280 are sheltering in European waters. According to Lloyd's Marine Intelligence Unit, nearly 10 percent of the world's merchant ships are swaying gently at anchor because of a collapse in global trade.

Worse, there is a huge supply of new ships on order and due off the slipways over the next four years.

Read Full Article