Law firm Norton Rose Fulbright’s annual transport survey shows confidence in the shipping sector is at an all-time low.
Only 15% of those surveyed saw current market conditions as positive, the lowest level since the poll began in 2009.
“The (shipping) industry is currently in the grip of the worst recession in living memory and while most of our respondents envisage an upturn in freight volumes in the next five years, any major economic shock would further exacerbate an already fragile industry,” Norton Rose Fulbright’s global head of transport Harry Theochari said.
“Bank debt is expected to remain the industry’s principle source of funding, although for many shipowners funding remains thin on the ground and few respondents believe access to finance is set to become easier,” Theochari added.
The lawyer concluded: “Shipping continues to feel the effects of overcapacity in many markets, and an increase in enforcement actions is widely predicted.”