Shipping downturn

Predictions for the shipping industry during the coming year remain pessimistic – freight rates continue to be under pressure as vessel supply exceeds demand.  Some shipping companies have laid up vessels to reduce capacity, and some carriers are sharing services in an effort to tailor supply to demand.  It remains to be seen whether there will be any major casualties – so far news of companies going into receivership and administration has been more noticeable in the freight forwarding and logistics sector.