Shipping Study 2010 - Recovery on the horizon?
Historically, the shipping industry has enjoyed a growing role of sea freight due to increasing globalization and the accompanying growth in global trade.
Increasing freight and charter sales generated high profits. The industry's strong financial clout coupled with banks' willingness to provide financing led to high investment. The expansion phase of the shipping industry was marked by investments in new ship fleets, ports, etc.
The global crisis in the real economy and the resulting decrease in the transport of products and goods caused a steep decline in freight and charter sales – The worst crisis for the shipping industry in decades rapidly led to sales and liquidity problems at shipping companies.
This study was conducted to cast light on the current business situation of companies that engage in merchant shipping, what actions were taken to overcome the crisis and what challenges still lie ahead.