Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Third of world's fleet will be scrapped in two years: Khalid Hashim

Third of world's fleet will be scrapped in two years: Khalid Hashim

Bangkok:  Precious Shipping, Thailand's largest shipping company by market value, expects a third of the global merchant fleet to be scrapped within two years as trade collapses amid a global recession and tighter credit, Bloomberg reported.
"The banking system is destroyed," ceo Khalid Hashim said at a shipping conference in Singapore yesterday. "China's stimulus plan will help revive trade,  but it will not be able to immediately."
The number of vessels scrapped this year may triple on a trade slump caused by China cutting imports of iron ore and U.S. and European consumers paring spending on Asian-made goods. At the same time, new ships are entering service as shipyards complete orders placed two or three years ago, when trade was booming.  [26/02/09]

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.