ECONOMY

Seas remain choppy for Greek shippers

Greek shipowners are in for a tough time despite signs of a recovery in global trade. Experts believe that shipping markets may be crashing for a second time in a year, as China reduces raw material imports and record numbers of new vessels set sail. The rate for leasing capesize ships will drop about 50 percent from the current price of $37,865 a day to as low as $18,000 before the end of the year, according to the median estimate in a Bloomberg survey of six analysts and fund managers. ‘The pressure of the new ships will be overwhelming,’ said Andreas Vergottis, the Hong Kong-based research director at Tufton Oceanic Ltd, which manages the world’s largest shipping hedge fund, with $1 billion in assets. ‘It will take a lot of time and a lot of pain before shipping recovers.’