Ross Sees Cargo Rebound on China Shipbuilding Limits: Freight
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Wilbur Ross, the billionaire investor in struggling industries, says Chinese limits on shipbuilding will help the cargo market overcome the excess of carriers that led to the worst slump on record.
The China Association of the National Shipbuilding Industry said last month about 30 percent of the country’s shipyards will close in five years and the government enacted a three-year plan to limit capacity Aug. 4. Ross, part of an investment group that spent $900 million on fuel tankers in 2011, said China will avoid a repeat of its most recent construction program, the biggest by one nation in history.