Boom and Bust at Sea

The Economist looks at the shipping industry, at the outlooks is not good:

The uninspiring track record of some shipowners is but a squall compared with the storms that may be gathering over the horizon. The recent bumper returns from shipping have prompted a ship-building boom. As a result, an armada of new ships is joining the world’s fleets just as the rate of growth of world trade may be slowing. According to the Economist Intelligence Unit, a sister company of The Economist, the rate of growth of world trade in goods is set to slow, albeit to a still respectable 6.6% this year and 7.0% in 2006.

And Slate asks, “What’s with the Greek Shipping Magnates?”

On Tuesday, indicted lobbyist Jack Abramoff agreed to answer questions about the murder of a Greek business contact named Konstantinos Boulis. Boulis was shot to death a few months after he sold 11 casino ships to Abramoff and a partner. Meanwhile, Paris Hilton continues to plan her marriage to Greek shipping heir Paris Latsis, and Mary-Kate Olsen has been seen around town with Greek shipping scion Stavros Niarchos III. What’s with all the Greek shipping magnates?

Posted by on August 25th, 2005 at 10:54 am


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