Hans Jürgen Peters
Published: 1993
Total Pages: 54
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The world's ocean transport industry faces an unprecedented crisis. Fundamental changes in the seatrade markets and considerable discrepancies between tonnage supply and the demand for transport are the key reasons. The international fleet has become critically overaged and suffers from a deteriorating safety record. Serious retrenching and sharp long- term planning are needed but -- tampered by reduced freight earnings, rising insurance costs, and a shortage of investment capital.