The outlook has grown cloudier for the tycoons, whose companies have begun a chorus of negative forecasts for the coming months. “Although the last couple of years have been profitable for shipping, the accumulated earnings are far from enough to fund the investment in new technology and ships in the coming decade.” “There will be shipowners - tonnage providers - out there that will have stretched themselves,” he said in an interview. He noted that deliveries are now starting at a time when supply chains are running more smoothly and demand for freight transport is back to pre-pandemic levels. Lassen, chief executive officer of Danish Ship Finance A/S, a company providing vessel financing. “Too many large container ships have been ordered,” said Erik I. This has pushed the global order pipeline to a historic level - almost $90 billion by one estimate.īut the tide has turned in the notoriously cyclical sector as freight rates flirt with below-breakeven levels and fears about overcapacity re-emerge.
Moller-Maersk A/S, CMA CGM SA and Hapag-Lloyd AG - all backed by European billionaires - are spending record profits gleaned during the health crisis to splash out on new models mostly from Korean and Chinese shipyards. (Bloomberg) - The world’s biggest shipping companies are plowing their pandemic windfalls into orders for new vessels on an unprecedented scale, making an industry known for hair-raising cycles of boom and bust more vulnerable in the latest downturn.Ĭontainer carriers like MSC Mediterranean Shipping Co., A.P.
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