Shipping Slump “Will Be Worse Before It’s Better
(Special Correspondent N.ZJ’.A.)
LONDON, July 17. Shipping Is passing through • very difficult time and expectations for the immediate future are not bright, it was stated s by Sir Nicholas Cayzer at the annual meeting of the British and Commonwealth Shipping Company. "In the world today there are estimated to be over nine.million gross tons of shipping laid «up--approximateiy 8 per cent of world merchant tonnage, excluding the American reserve fleet. “Great Britain’s share of this laid-up tonnage is 1.3 million gross tons, of which three-fifths Is in dry cargo ships and two-fifths in tankers. We can expect the
rate of scrapping., to increase, especially as many of the older ships will be coming up for survey and their owners will not faee the cost under 'present conditions. “But owing to the number of ships ordered before the recession, which are coming into service at this time or in the near future, the position is likely to deteriorate further before it will improve.’’’
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Bibliographic details
Press, Volume XCVIII, Issue 28950, 18 July 1959, Page 16
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170Shipping Slump “Will Be Worse Before It’s Better Press, Volume XCVIII, Issue 28950, 18 July 1959, Page 16
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