More than a third of shipping companies are expected to collapse as the global financial crisis worsens, Singapore-based ship financier Seafin has said.
According to Bloomberg, at least four shipping lines have gone under creditor protection since October 2008 and owners may scrap up to a third of currently existing vessels within the next two years.
HSH Nordbank suggested that shipping lines would continue to find it hard for the next 18 months as banks tighten their lending criteria to shippers.
