Golden Ocean CEO Says Shipping Market Is Worst in Modern History
- Capesize rates don't even cover cost of paying ships' crews
- Company predicts wave of bankruptcies across the industry
This article is for subscribers only.
Shippers ferrying coal, iron ore and grains across the globe have never had it this bad and should expect little respite for another two years, according to Golden Ocean Group Ltd., a company part owned by Norway-born billionaire John Fredriksen.
An enormous oversupply of vessels isn’t sustainable and the dry-bulk industry will soon be contending with “a lot of bankruptcies,” Herman Billung, chief executive officer of Golden Ocean, said at a conference in Oslo on Thursday. Fredriksen, whose personal fortune is about $10.5 billion, is the company’s biggest investor, according to data compiled by Bloomberg.