WORLD SHIPPING

Greymouth Evening Star, 16 November 1934, Page 12

WORLD SHIPPING

8,000,000 TONS IDLE The unparalleled depression in shipping, Which has characterised the last few years, still continues to baffle the efforts of the ablest and most experienced shipowners to operate their ships at a reasonable profit, or even, iri many cases, to avoid serious loss, .according to the report of Lloyd’s Register of Shipping, covering the operations for the year 1933-34. The review states that the position of the tramp shipowner, suffering under the accumulated effects of a succession of bad years, became so serious that British shipowners were led to appeal for Government aid in the shape of a subsidy. The adjustmerit <and application of the subsidy which had been approved by the British Government was still the subject of discussion between the owners and the Board of Trade, so that it was not possible at the moment to say what effect this might, have on the general position. . One important factoi - which might, however, be mentioned, was the continued, if somewhat slow, reduction in the amount of world tonnage laid up unemployed. Two years ago the figure stood at 15,000,000 tons; a year ago at 12,000,000 tons; and now it stood at 8,000,000 tons. Even this amount of tonnage, however, formed a terrible deadweight on the freight market, although quite an appreciable proportion of it was not only unemployed, but economically unemployable under existing conditions. Efforts continued to be mace to get rid of redundant tonnage by means of breaking up; and it appeared that, from June, 1933, to the present, the total tonnage had been reduced by 2,700,000 tons, which had been sold for breaking-up purposes. The result was that the world s tonnage, which in 1914 amounted to 49,000,000 tons, and had by 1931 grown to 70,000,000 tons, had now shrunk to 65,000,000 tons. This total was still m excess of the demand of the freight market, but the gradual elimination of surplus vessels which was going on opened up a more hopeful vista foi shipowners than was apparent a yeai ago and still more than two years a& ln face Of the existing conditions, it might not be amiss to recall the fact that, in the course of the last 100 years shipping experienced severa periods of severe depression, states the report, but as time had shown these periods eventually passedl and were succeeded by years of gxeat ac tivity and prosperity. ... This encouraged the hope that, wit the steps now being taken to r ehe the conditions which were being boine so heavily upon shipowners in genera and tramp shipowners in particular, they might again, in the near futuie, see a return to a reasonable measure of prosperity for merchant shipping. The activity experienced recently in shipbuilding had been of a rather limited character, having, been confined chiefly to passenger liners, oil tank ers, ami vessels intended for special services. , , In the 12 months ended June oil last, the society’s ossification was assigned to 192 new vessels, of 350,430 tons gross. Although this total was the lowest on record, it represented approximately 64 per cent ot the world tonnage completed in the period. Of this amount only 136,072 tons were constructed in Great Britain and ieland, the remaining 214,358 tons being built abroad. The number of plans submitted during the year ended June 30 last, of new vessels intended to be classed by the Committee of Lloyd s Register, showed a substantial increase over the figure for the previous twelve months. They totalled 242 vessels, of 804,910 tons gross, as compared with 142 vessels, of 323,600 tons gross, for 1932-33. Of this contemplated tonnage 53 per cent, was intended for construction in Great Britain and Ireland, the remaining 47 per cent, being constructed abroad. Since June last plans had been approved for a further 31 vessels of 58,810 tons gross. There were 172 vessels, of 915,000 gross, under construction throughout the world, with a view to the society’s classification, at the end of June last. Of this total. 555,545 tons were being built in Great Britain and Ireland, and 360,153 tons abroad. The total tonnage of merchant vessels afloat at the end of June last, actually holding the classification of Lloyd’s Register, was 30,873,9.77 tons gross. Including vessels under construction, the total numbei classed and intended for classification with Lloyd’s Register was 9263 vessels of nearly 32,000,000 tons—practically half the world’s shipping.