Posted AT 1:00 AM EST on 06/11/08
Global shipping slump stokes fears
The global financial crisis and China's reduced appetite for raw materials have left the ocean shipping industry reeling, disrupting trade around the world.
“What is happening now is that importers and exporters no longer trust each other, or their banks, and cargo is piling up at export ports waiting to be shipped,” London-based shipbroker HSBC Shipping Services Ltd. said in a confidential report to clients.
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