Banks will exert more control over the shipping industry this year, according to accounting firm Moore Stephens.
Reorganizations and payment deferrals have become widespread among shipping companies, Julian Wilkinson, a London- based partner at Moore Stephens, said in an e-mailed statement today. Vessel values are poised to fall further in 2013 and scrapping of older ships probably will increase, he said.
To contact the reporter on this story: Rob Sheridan in London at firstname.lastname@example.org
To contact the editor responsible for this story: Alaric Nightingale at email@example.com