Global shipping industry faces shake-up as private equity unwinds bets
Weaker Chinese demand, ship glut have driven down freight rates and caused firms to idle vessels
Singapore
AS global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry.
Private equity invested tens of billions in global shipping after the 2008 financial crisis, but weaker Chinese demand and an oversupply of ships have driven down freight rates and caused firms to idle vessels and in some cases file for bankruptcy.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Porsche posts Q1 profit drop on ramp-up costs
Air China orders homegrown C919s in challenge to jet duopoly
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US