The overcapacity of vessels, and more specifically the many offshore ships, now represent such a big problem for shipowners that they have to take drastic measures to curb the situation. The shipowners quite simply have to scrap a decade's worth of ships.
The CEO of Farstad Shipping, which last week published a record deficit for the second quarter of USD 14.5 million, is now taking the industry to task for its failure to act, reports Norwegian news agency NTB according to Dagens Næringsliv.
Get full access for you and your coworkers.Start a free company trial today
Already a member? Log in.