Moody's: Operating profits in shipping could dive 10 pct this year

Moody's does not have a lot of faith in the shipping market. The shipping companies' aggregate operating profits could plunge by up to 10 percent this year, writes the rating bureau in a new report.

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The global shipping sector faces bleak prospects for the next 12-18 months, notes rating bureau Moody's. The firm has a negative outlook and expects a wide ranging setback for the struggling industry overall.

In a new report titled Shipping Global: Low Freight Rates and EBITDA Decline Drive Negative Outlook, the benchmark rating bureau points out that, among other detrimental factors, shipping companies' operating profits (ebitda) look set to keep sliding while rates will remain low.

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