Shipping industry facing an unprecendented drop in freight rates and volumes
"COPENHAGEN, March 9 (Reuters) - All container shipping companies are likely to lose money this year and some will go out of business if freight rates do not recover, Maersk Line's chief executive told Reuters on Monday.
Eivind Kolding said in an interview that Maersk, the world's largest container shipper, would survive the downturn although he believed the container business will take longer than other sectors to recover after the recession due to a surplus of ships.
The container shipping industry faces a perfect storm of collapsing freight rates and volumes and rising ship capacity."
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