The global maritime sector could have done without the year 2009. Such is the view of those associated with the business of shipping. I and many other analysts had forecast considerable chaos last year, and the markets lived up to that sad prediction, especially in container shipping and car carriers, two sectors that cater primarily to the transportation of manufactured goods. Shipping journals were rife with stories of bankruptcies and buyouts, some of which were true, others wild speculation. The carriers in deepest trouble included revered names such as Hapag-Lloyd, CMA CGM, and Zim-even DP World, the parent company of Dubai Ports, the global-terminal operator that during the past decade grew meteorically.
U.S. Merchant Marine and World Maritime Review
By Shashi Kumar