More shipping firms seen failing unless oversupply addressed

Moby-Dick at 09h05
31
Jan
2011
More shipping firms seen failing unless oversupply addressed

The maritime industry will need to scrap more vessels or delay orders for new ships if dry bulk companies are to escape a fate similar to South Korea's troubled Korea Line Corp, analysts said.

South Korea's No. 2 dry bulk shipping line filed for bankruptcy protection with a local court on Tuesday after struggling to stay afloat amid a sharp drop in freight rates.
The Baltic Exchange's main sea freight
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31/01/2011 at 09h05 by "Moby-Dick"