Maritime News

Change low graphic options | English | 中文 | Русский | Español | Skip content to navigation

Page context: Home > Topics > Maritime News

Global credit crisis – latest casualties

23 December 2008

Title

More container shipping companies have announced cuts to their routes, as the global economic downturn hits international trade – and shipping as a consequence.

Mediterranean Shipping Co, CMA CGM and China Shipping are the latest companies to announce cuts to their Asia-Europe routes, and MSC - the world’s second largest container line - is suspending its route between Asia and the Black Sea. MSC is also reducing capacity on its Asia-Europe service by 5%.

Meanwhile, Japanese shipbuilders Tsuji Heavy industries has filed for bankruptcy, with debts equivalent to US$834 million. The company is believed to have a backlog of 46 ships on order.

PROBLEMS WITH PAY ?

Are you having problems with getting your pay in full?

If you are, this could be a sign that your company is in economic trouble. You should contact your union or ITF directly here >> as soon as possible to protect your wages and employment.



Email page   Email page
Print this page   Print this page


Back to current news online stories


Section home:
Home

Other pages for Home:
On the Radar | About Us | Contact Us | Links | Resources | Site Help | Quick Links

Other pages for Topics:
Inside the Issues | Your Rights | FOCs | Life at Sea | Look Up a Ship | Find an Inspector or Union | Crew Talk | Inspector's Blog

Full graphics version

ITF House, 49-60 Borough Road, London SE1 1DR | +44 20 7403 2733 | mail@itf.org.uk