Maritime Recovery: When and Where?

Jun 23, 2009, 6:37AM EST
Though orderbooks are still packed, the maritime industry faces some tumultuous years ahead.

Though there are signs of economic recovery, the reality remains that the maritime industry is in for a tumultuous mid-term future, as a record orderbook of ships and boats enter an already beaten down market. Talk last week in Oslo at NorShipping 2009 centered not on if, but when the industry would experience its first wave of massive project cancellations and deferrement. At a dinner hosted by the the Norwegian Shipowners Associateion, Sturla Henriksen, Director General of NSA, simply said "if all of the tonnage now on order enters the marketplace, the industry will be depressed for years."
Today (June 23, 2009) the Korean market opened weak according to a report on RTTNews, with investors largely following in step with Wall Street's June 22 sell off.
Shares of shipbuilding firms experienced sharp losses, with Samsung Heavy Industries down 2.2%, and both Hyundai Heavy Industries and Daewoo Shipbuilding down more than 3%.

Report abuse

Bookmark this page to:Add to Faves Add to MyAOL Add to Simpy Add to Delicious Add to Live Add to Digg Add to Newsvine Add to Reddit Add to Multiply Add to Blogmarks Add to Yahoo MyWeb Add to Slashdot Add to Mister Wong Add to Spurl Add to Furl Add to Link-a-Gogo Add to Yahoo Bookmarks Add to Twitter Add to Facebook Add to Diigo Add to Mixx Add to Segnalo Add to StumbleUpon Add to Magnolia Add to Ask Add to Backflip Add to Terchnorati Add to Google Bookmarks Add to MySpace

Blog post currently doesn't have any comments.

Sign in

Latest blog comments

There are currently no comments.

Post archive

June 2009(1)