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Shipping Seen Deteriorating by Moody’s on Europe Slowdown

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May 31 (Bloomberg) -- Conditions in the shipping industry may deteriorate as Europe’s economy slows and amid tensions in the Persian Gulf, Moody’s Investors Service said.

“Uncertainty about the depth and duration of the recession in the euro area and resurfacing of geopolitical tensions in the Persian Gulf pose further downside risks to the industry,” Marco Vetulli, senior credit officer, said in an e-mailed report today.

The industry’s outlook is negative for the next 12 to 18 months, according to the note. Ship oversupply is greatest among vessels hauling raw materials and crude oil, it said.

To contact the reporter on this story: Alaric Nightingale in London at anightingal1@bloomberg.net

To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net