The global shipping industry is struggling with overcapacity and falling productivity in the face of the economic downturn and shrinking world trade, according to the United Nations Conference on Trade and Development(UNCTAD) last week.
The industry is also suffering from the much-publicised growth in piracy.
And if owners want to get out, they can't afford to because scrap metal rates are so low, that they have to hang on to their ships and ride out the economic downturn.
Sorry, but I have no good news for them!
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