ShippingWatch

Martin Stopford: Still risk of another crisis

There is still a risk of another shipping crisis, says Martin Stopford, president of Clarkson Research. He points to the shipping industry's large debt as well as the continuing overcapacity as the biggest problems.

Martin Stopford, long-time head and current president of Clarkson Research, says that the problems for the shipping industry are far from over. He warns that the industry could face a new crisis unless the financial situation improves.

"Since 2009, interest rates have been almost nothing…The banks were able to kick the can down the road because the interest levels were so low that most owners, during the last three or four years, could scrape up enough cash to pay the interest and that enabled the shipping companies to keep the act together," said Martin Stopford this week at a conference hosted by the International Chamber of Shipping.

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