Chinese shipping companies is using the global economic crisis to buy up the many cheap ships currently flooding the market. Backed by a solid helping of Beijing government funds, the Chinese companies have bought no less than 202 second-hand ships in the first nine months, 192 of which are bulk carriers.
As the amount of Chinese scrapped shipping doesn't come anywhere near the number of newly acquired tonnage, the 2.7 billion USD worth of new purchases constitutes a massive increase in China's dry cargo capacity. And thereby the country's ability to move goods internally, as well as import raw materials from across the globe.
Internationally, 837 ships have been traded in the first nine months, meaning that about 25% of all purchases worldwide have been made by Chinese shipping companies
Full story in Danish
News category: China
Published on this site: Oct. 21, 2009
Source: maritimedanmark.dk