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Shipping Industry Fights for Survival. The global economic crisis is wreaking havoc on shipping: Demand and prices have collapsed and ports are filling up with fleets of empty freighters. The crisis has fueled cut-throat competition and not all companies will survive. The Andromeda was built for an economic boom that never seemed to end, at a time when more and more containers, bigger ships and ever-growing port facilities were needed. With each passing minute, lift bridges hoist containers from the quay wall onto the deck of the ,ton behemoth.
When fully loaded, the vessel has space for containers arranged up to 18 wide, 86 long and 19 tall. In the end, the Andromeda is loaded to about two-thirds capacity. The Andromeda travels exclusively between East Asia and northern Europe , a speedway of global trade. Until not too long ago, shipping was both the greatest beneficiary and hammering pulse of globalization, moving goods around the world at an ever-increasing pace. Year after year, new and ever more massive ships were built, ports were expanded and new scheduled service introduced.
Many became rich in the years of the boom, including ship owners, bankers and investors, particularly in Hamburg. Germans own 35 percent of the container ships in operation worldwide, and close to 60 shipping banks and financiers are headquartered in Hamburg. A Stifled Boom But now the global financial and economic crisis has stifled the boom in container shipping, and it has happened almost overnight. For the first time in its history, the industry has stopped growing and, in fact, is shrinking.
In the first six months of this year alone, the shipping industry declined by close to 16 percent. A Decline in Shipping The new giant ships are now much too big for the cargos they transport by sea, and often they sail half-empty -- if at all. Billions are being spent to expand ports to handle a boom that no longer exists. Leading shipping line operators are on the verge of bankruptcy, as are shipping banks and charter shipping companies. The industry, once one of the biggest beneficiaries of globalization, now threatens to turn into one of its chief casualties.
A Symbol of the Crisis For more than a century, the Hapag-Lloyd headquarters building has dominated the Binnenalster, the lake that shapes the Hamburg cityscape. The inscription above the entrance of the magnificent structure, built in the Wilhelmine style, reads: But now it has become a symbol of the crisis. Ironically, Hapag-Lloyd, consistently recognized in the industry as probably the most efficient among the major shipping line operators, is struggling to fend off bankruptcy.
Its case has attracted the nervous attention of ship owners, banks and shipping company executives around the world. The resulting sharp decline in prices means that almost all shipping companies are generating substantial losses. Efforts by shipping companies to raise prices have been as desperate as they are ineffectual. However, higher rates have little effect on consumers and producers, because the costs of maritime transport hardly enter into the calculation.
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