“Challenging time” for shipping industry

Unpredictable markets and continuing marine claims volatility means the international shipping industry is facing a particularly challenging time, said Pratap Shirke, chairman of North P&I Club. “Shipowners continue to operate in unpredictable shipping markets and the economic climate shows little signs of improvement”, he said. “Despite a modest recovery in certain sectors of the market, we do not expect freight rates to return to breakeven or profitable levels for another couple of years as the over-supply of tonnage remains an issue for the shipping industry.”