Jan. 12 (Bloomberg) -- The shipping industry is for “long- term players” because a recovery may fail to occur this year, accounting firm and insurance adviser Moore Stephens LLP said.
More vessel owners and operators are likely to renegotiate agreements with financiers or shipyards, Moore Stephens said today in an e-mailed statement. Finance costs will increase and the global fleet will expand, according to the adviser.
“Demand for seaborne trade continues,” Julian Wilkinson, London-based head of the Moore Stephens Shipping Industry Group, said in the statement. “Many owners, managers and charterers are reasonably confident of making a major new investment or development in 2012.”
--Editors: Dan Weeks, John Deane.
To contact the reporter on this story: Rob Sheridan in London at email@example.com
To contact the editor responsible for this story: Alaric Nightingale at firstname.lastname@example.org