November 17, 2008 (LPAC)–Cargoes are rotting on the docks around the world, unable to be delivered, due to a lack of financing. The shipping business depends upon letters of credit: for cargoes to move, the shipper needs to know when he puts a cargo on a ship that the buyer at the other end will [...]

Commodity carriers will collapse in 6 months according to Fearnley Fonds ASA.We will see a significant number of bankruptcies, that’s for sure”, given rental rates forecast by freight derivatives.Industrial Carriers Inc, a Ukrainian operator of about 55 vessels, filed for bankruptcy protection last week.Shipping rates have also been hurt by frozen credit markets.And a reduction [...]