The second half of the year 2008 witnessed the start of a downward trend in the global shipping market. With the unexpected halt of the demand which had brought about tremendous power for the boom of the shipping market, the market freight rates slumped to the lowest level, passing on to ship repairing and building, shipping financing, port and other related industries through the value chains. Rarely seen in history are the rapid spread speed, the serious losses caused, the wide affected scope and the long-time duration of the depression.

The fact that we still cannot glimpse the dawn of the shipping market is enough to prove the shipping industry has fallen into an abyss not by coincidence but out of systematic drawbacks..…［read more］