Shipping sentiment worsens: annual survey

London

A GROWING vessel glut is battering sentiment in the shipping industry at a time when players face risks to growth in Asia and turmoil in countries such as Greece, a leading transport survey showed on Monday.

While the oil tanker sector has enjoyed a rebound in rates and higher activity this year, dry bulk shipping - which transports commodities including iron ore, coal and grains - is suffering one of its worst ever downturns due massive fleet growth and weaker activity from top industrial importers such as China.