Shipowners’ spirits have been raised somewhat. Their faith in the future and their investment propensities have also been strengthened, estimates Moore Stephens in a new survey of the shipping industry.
“This increased willingness to invest is due in part to what many see as the first signs of a correction in the industry’s tonnage overcapacity problems. Scrapping activity has increased, although there is simply not enough demolition capacity in the world for this to be a solution on its own. Some sanity, born of hard experience, has returned to the newbuilding sector following the pell-mell pursuit of new tonnage which characterised shipping’s salad days, which now seem so distant,” writes Richard Greiner, partner with Shipping Industry Group at Moore Stephens, in the analysis.