Business Services Industry
Shipping industry's problems go beyond closure of US ports.
Australasian Business Intelligence, October, 2002
Oct 07, 2002 (The Asian Wall Street Journal - ABIX via COMTEX)
Investors are advised to minimise their exposure to shipping stocks at the start of October 2002. This is not only because of the crippling dockyards strike along the US west coast, which is hurting Asian shippers. Even before the dispute emerged, the industry was being hurt by overcapacity, fears of a world economic slump and steadily falling freight rates. UBS research indicates that trans-Pacific freight rates have fallen from an average $US1,953 in October 2000 to $US1,463 today. Analysts from both ING Barings and UBS Warburg agree it is the wrong time to buy shippers' stock. If the US strike shows signs of persisting, it may be time to offload.
Publication Date: 4 October 2002...
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