OCEAN FREIGHTS

Press, Volume LVII, Issue 17314, 28 November 1921, Page 7

OCEAN FREIGHTS

EARLY REDUCTION LIKELY .

MUCH IDLE TONNAGE.

(By Cab!«—Vrta* Ataodatjon-Caprrlg/ii.) (Australian and N.Z. Cable Ataociatwa.). SYDNEY, November 26. The "Sydney Morning Herald" says that, as a result of negotiations between the Australian shipping agents and the owners in London, still in progress, it is expected that general reductions in oversea freights will be announced next week. They are understood to apply to refrigerated and general cargo. On some classes the red-no-tions are expected to be considerable. Yesterday authority was received from London to reduce the freight on copra from 120s to 96s per ton. The reductions are the outcome of the depression in the shipping trade. The volume of oversea tonnage in Sydney waiting for cargo at the present time is larger than ever since the depression began to make itself felt last November. . There are thirteen steamers on 'the berth for British and Continental ports alone, aggregating tons, and so little cargo is offering that the majority of these vessels will have to sail in ballast or with only a fraction of their available space occupied. Next month fourteen steamers are due, aggregating over 100,000 tons. The outlook for them is serious and is earning the owners much concern.