View from space of busy shipping hides dire straits of industry
Fri, Mar 04, 2016 - 5:50 AM
Almost every type of commodity carrier will fail to make a profit this year, and they'll earn almost nothing in 2017, according to analysts' forecasts and industry breakeven figures compiled by Bloomberg. The current crisis stems from a shipbuilding boom that doubled the fleet's capacity in the seven years through December, which included a bull market in commodity prices as global demand surged.
FOR an industry that is losing money on almost every transaction, the world's commodity shipping firms are remarkably busy grabbing any cargo they can get their hands on.
From space, where satellites track ship movements, it all appears like the market is booming, data...