Shipping remains the lynchpin of global trade with 90% of all goods still transported by sea. It can also be a hugely volatile business where both freight rates and asset values can change in a dramatic manner as demonstrated during the financial crisis when we saw the earnings of one particular asset class (Capesize vessels) falling from USD150,000 a day to USD10,000 in a matter of months, and values dropping by as much as 75%. It is truly a global industry as a ship’s construction, ownership, crew, marine insurances and registration can all originate from separate countries. Read more
Mike ScottEnvironment and business writing for corporate clients, newspapers, magazines and think tanks.