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Shipping companies have taken steps to address
the effects of the global financial crisis,
which has caused an economic imbalance in the
international arena. According to the Economic
Commission for Latin America and the Caribbean,
the spike in oil prices last year prompted a
drop in the volume of freight transported by sea
as well as a slowdown in shipbuilding.
Subsequent economic problems have continued to
keep these industries in the doldrums.
“The load has been severely diminished between
Asia, Europe and the U.S., producing a situation
of excess transportation capacity in the region
and a direct threat to financial stability in
many lines,” said Rubén Karamańites, the
president of the Panama Maritime Chamber.
The situation directly affects some 14 shipping
lines, which has caused them to reduce the
number of vessels they have in service.
Shippers have also decided to cancel shipments
or re-route their vessels, looking for a more
efficient way to operate internationally. Some
orders for new ships have also been cancelled,
Companies are also exploring the implementation
of amendments to international shipping
agreements, which could lead to better
efficiency in the industry.
Ports are expected to see a decrease in
activity, which could mean layoffs.
“There is no doubt that any projected growth in
the shipping industry at the international level
is unlikely,” Karamańites said.
He said that he is hoping that the industry
rebounds in 2010, when the global economy begins
to recover from the current recession.
Source: Prensa
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