HONG KONG, July 6 /PRNewswire-Asia/ -- The outbreak of financial crisis in the second half of last year has dragged the global trade volume down. As a ramification, the freight volume of shipping industry has been shrinking, with the transport prices slumped to the bottom. The short-lived rebound of freight volume and prices was driven by China’s increased demand for iron ore, while after this transient boom, the shipping industry slipped back.
This is especially true for the dry bulk shipping market. Many dry bulk shipping companies are losing their ships to lender banks due to asset deficiency. Recently, Nordea Bank is going to take away 13 ships originally owned by Eastwind, a refrigerated shipping operator, and sell them to Sammy Ofer which is headquartered in Monaco. The New York listed company Navios Maritime Holdings is losing its 4 Capesize ships to its bank as a payment of debt, even in the shipyard.
The Chinese market, which shows signs of recovery ahead of others, may be saving the shipping industry as that critical stage. China’s 5 trillion Yuan economic stimulus plan has created a huge demand for iron ore. In July, the BDI index soared to 4300, the record high since September 24, 2008, thanks to China’s iron ore negotiations. While before that, the BDI index had plunged to 663 due to the financial crisis.
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