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’Shiver me freight rates
As if shipping hasn’t had enough of a bad time, JBC Energy reports:
As a result of the hijacking of a fully laden Saudi VLCC by Somali pirates yesterday, insurance companies are raising premiums for passage through the Gulf of Aden.
Shipping floored
An industry once plagued by insufficient capacity now sees ships stuck idle at port.
Shipping is in crisis.
The Baltic Dry Index which measures shipping costs in commodities sunk to its seventh weekly decline this week to 829 points,
Who’s in the wake for shipping losses?
Fears of a global recession are hammering freight rates. The Baltic Dry Index, which tracks dry bulk rates, has slumped more than 70 per cent since the start of the month. Similar weakness is also being felt in the tanker market,
Neptune Orient to cut capacity; World trade growth slows
Singapore’s Neptune Orient Lines is to slash capacity on the most important trade routes in what is expected to be the first of many responses by container shipping lines to rapidly slowing demand. NOL,