Subscribe to RSS feedCosco chief Wei casts doubt over 40% of newbuildings
by
Marcus Hand, Shanghai
—
last modified
Dec 10, 2009 02:29 PM
CHINA Ocean Shipping (Group) president and chief executive Wei Jiafu forecasts that 40% of newbuildings on order will be cancelled or delayed.
The financial crisis was helping ease the pressure of oversupply to some extent as owners postponed or cancelled orders, Capt Wei said.
“Fighting the crisis, Chinese companies have taken measures to scrap old ships, postpone or cancel new ship deliveries...
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