Beijing: China's coastal shipping sector slumped to a historic low in the first half, and is unlikely to see any improvement in the second half, according to a release by the Ministry of Transport (MOT).
Weak demand, excessive capacity and the overall depression in the international shipping sector are major reasons for the decline, and some small shipping companies may get phased out in the second half due to limited capital, MOT said.
"Some ships that used to focus on international routes may turn to coastal routes, making the coastal shipping sector worse," an official from the ministry said. [09/08/13]
