The massive container ships that ply the high seas bring us pineapples and mangoes in winter, and computers and cheap t-shirts all year round. But the shipping industry is a volatile, cyclical and ferociously competitive business. There are good years and bad years.
And then there’s this year.
“This is likely to be one of the worst years ever in terms of losses,” says Janet Porter, editor-in-chief of containers at Lloyd’s List, a shipping industry news provider. She says over the years, global shipping companies got used to growth of 6, 7 or 8 percent. This year it’ll be close to zero.