People are afraid these ‘zombie ships’ are the first sign of global economic collapse
John Ficenec, The Telegraph
BusinessInsider.com
Jan. 20, 2016
The shipping industry is facing its worst crisis in living memory as years of rapid expansion fueled by cheap debt have coincided with an economic slowdown in China.
“We are now at the stage where people are struggling to remember an era when it was this difficult, we’ve gone through what it was like in the ’90s, the ’80s and the ’70s, so expressions like ‘living memory’ start to apply,” said Jeremy Penn, the chief executive of the Baltic Exchange in London.
The Baltic Exchange has set shipping rates for more than 2 1/2 centuries, and the situation its members now face is grim.
“Ship owners are facing the tough decision of whether to just drop anchor and hope it gets better,” Penn added.
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