Review of Maritime Transport 2009
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The United Nations Conference on Trade and Development (UNCTAD) has just published this year’s edition of its annual “Review of Maritime Transport.” The study reveals that the shipping industry is facing an oversupply of vessels and falling rates due to the tightening of credit brought about by the global financial crisis. Moreover, reduced demand for goods and shipping services led to decelerated growth in international seaborne trade in 2008. Over 80 percent of international trade is conducted by sea.
Each year, the Review of Maritime Transport sheds light on transport developments in a particular region of the world. The focus in 2009 is on developments in Africa since 2006. Despite the global financial crisis, the region still experienced strong growth in 2008 (5.1%), with the top performers being the resource-rich countries.
Read the full-text on the web.
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