Commodity carriers will collapse in 6 months

28/10/2008 § Leave a comment

 

Commodity carriers will collapse in 6 months according to Fearnley Fonds ASA. We will see a significant number of bankruptcies, that’s for sure", given rental rates forecast by freight derivatives. Industrial Carriers Inc, a Ukrainian operator of about 55 vessels, filed for bankruptcy protection last week. Shipping rates have also been hurt by frozen credit markets. And a reduction in banks’ willingness to provide the letters of credit that traders use to fund purchases of cargoes. Rental rates have slumped to less than US$10,000 a day…

The Coming DepressionThe Coming Depression

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