Shippers to expect hard times

Shippers in Singapore are facing a hard year ahead with US trade weakening, despite its government's stimulus injection of US$20.5 billion, said Singapore National Shippers' Council chairman John Lu to the Shipping Gazette.

At the council's AGM Mr Lu spoke of the crisis as the "biggest challenge in modern history" and that the situation "will get worse before it gets better" with further deleveraging and deflation inevitable.

"There is also the danger that importing countries may adopt protectionist measures to shield their domestic manufacturers from foreign imports," he said in an American Shipper report, highlighting the need for SNSC to strive forward despite future difficulties.

Source: Transportweekly