Cosco chairman Ma Zehua appealed at a shipping conference for cooperation between different sectors of the shipping industry - and called for an end to cut-throat competition to survive the longest and most severe crisis shipping has ever known, news agency Xinhua reports. Song Jiahui, an officer in charge of safety from the Chinese Ministry of Transport said the biggest problem the shipping industry is facing now is overcapacity, which has brought the whole industry to a situation of life or death. Ma agreed, saying that the world's container fleet capacity is 1.69 billion TEU, which is 268% that of 10 years ago. Bulk fleet capacity is 707 million tonnes, 237% of 10 years ago. Oil tanker capacity is 503 million tonnes, 167% of a decade ago. The current low shipbuilding price is also a luring impulse to build new vessels. In September, new ship orders surged 165% year on year.
Cosco chief seeks sector survival, an end to cut-throat rate wars
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