Audio – Consolidating the shippers
The credit crunch that’s curtailing access to funding for many companies may lead to consolidation among companies that own and operate shipping lines.
Container ships are not cheap, and they take years to build, so investors who order one have to do so well ahead of time. Some have overextended themselves, and may now be ripe takeover candidates.
Seaspan, a company that owns and leases container ships, sees many opportunities for acquisitions in coming months, as smaller operators run into financial problems, its Chief Executive Gerry Wang told the Reuters Manufacturing Summit in Chicago.