The Contribution of Shipping to Globalization and its Deep Crisis

Globalization is under attack, world trade slows down, and the weakest rings of this delicate and complex chain begin to break (the South Korean shipping line Hanjin has been the most evident example.) This is just a taste of the new world, with an asphyxiated growth, that lies ahead. The shipping industry is in pain. For the past 10 years, the steamship lines have been building ever larger vessels, forecasting the booming of the global market with an exponential growth. It didn’t happen, and the bubble has burst. Since 2009, over-construction of ships has continued contributing to drastically-decreasing margins of the...

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