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November 5, 2008

Financial crisis has stalled global shipping

  • Experts say food and energy shortages could be a problem in 2009, especially in developing countries.
    • By SAMANTHA BOMKAMP
    AP Business Writer

    NEW YORK — The growing financial crisis is constraining world trade with a jumbled mess of frozen credit that could mean shortages of food and energy supplies for some countries.

    Shippers of drybulk goods such as grain and coal worry that importers won't be able to pay for the goods they receive. And while some anxious exporters hold on to their goods, rates to ship those goods have plummeted to 10-year lows. Some ship owners are even laying up their ships rather than operate at such low rates.


     
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