Drowning Hanjin not alone among global carriers: analyst

Singapore

THE problems that sank South Korea's Hanjin Shipping last week could be just the tip of the iceberg, analysts say, with the long-running global economic downturn having left the industry drowning in excess capacity.

With growth refusing to budge and consumer demand still slack, the world's freight carriers have more ships than they can fill - a quarter of cargo space lies empty. That has led to fierce price cuts and cut-throat competition, badly impacting the bottom lines of some of the giants of the seas.