Independent journal on economy and transport policy
05:47 GMT+1
Shipbuilding Torpedoed by Subprime Causes Cost Surge
(Bloomberg)
May 12, 2008
By Todd Zeranski Bloomberg
The biggest shipbuilding boom in history collided with the largest credit-market losses ever, undermining forecasts for a plunge in freight rates.
As much as $14 billion in ship orders is threatened by cancellations and delays, equal to 94 percent of annual revenue at Hyundai Heavy Industries Co., the largest shipbuilder ...... Read more on Bloomberg
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