Freight Rates

2009 was a bleak year for freight rates in the tanker, major dry bulk and liner sectors. The deepening of the global financial crisis severely affected demand for commodities and goods. By the end of 2009, rates in all sectors had recovered from their earlier lows, despite remaining significantly beneath 2008 levels. Freight rates for 2010 and beyond remain uncertain, as recovery from the global economic crisis is surrounded by doubts. In the tanker and liner sectors, freight rates were boosted by means of a series of countermeasures adopted by shipowners in response to falling demand. In the bulk sector, much of the recovery was attributed to an increase in demand from China, whose importers took advantage of the low commodity prices and freight rates to increase their stockpiles of raw materials. The oversupply of vessels, combined with the weak operating results for 2009, could mean that shipowners in 2011 will consolidate through mergers and acquisitions.

Sustainable Development Goals:

Industry, Innovation and Infrastructure