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Ocean shipping: survival at rock bottom

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  • Böhme, Hans

Abstract

A severe crisis developed in ocean shipping in 1982. Freight rates fell to their lowest levels since mid-1977. The tonnage surplus again increased dramatically, in the tanker and the bulker sections of the freight markets. Laid-up or otherwise inactive shipping rose to its highest ever figures. Under-utilization of their ships, and sharply reduced freight revenues have drastically affected the profitability of shipping companies. These are some of the findings contained in the latest annual maritime report prepared by Dr Hans Böhme, of the Kiel Institut für Weltwirtschaft, which was published in German as 'Weltseeverkehr: Überleben auf der Talsohle' in the Institute's house journal, 'Die Weltwirtschaft', No 2, 1982. The author summarizes the review below.

Suggested Citation

  • Böhme, Hans, 1983. "Ocean shipping: survival at rock bottom," Marine Policy, Elsevier, vol. 7(3), pages 223-224, July.
    • Handle: RePEc:eee:marpol:v:7:y:1983:i:3:p:223-224
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