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Wait…What?

By Ilene
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Wait…What?

Woman jumps for joy

Courtesy of Michael Panzner at Financial Armageddon

We interrupt the euphoria in the stock market to bring you this breaking news flash —

"Shipping Market Worst Since World War II, Fisher Says" (Bloomberg)

The world shipping market is mired in its biggest slump since World War II, said James Fisher & Sons Plc, a U.K. hauler of oil products.

“This is the worst shipping recession since the war,” Chairman Tim Harris said today in a telephone interview. He spoke after the Barrow-in-Furness, England-based company reported little-changed annual profit. Prospects for a rebound at its shipping unit hinge on the timing of any increase in industrial output in northwest Europe, Harris said.

Demand to haul cargoes has plunged because of the global recession, sending charter rates lower and spurring carriers to take vessels out of service. BW Gas Ltd., the world’s biggest shipper of liquefied petroleum gas, said last week it idled four tankers because rates plunged so low that each vessel was losing the company about $25,000 a day.

“There’s been an unparalleled collapse in demand,” said Harris, who was previously chairman of Clarkson Plc, the world’s largest shipbroker. Fisher has a fleet of tankers that haul oil products around U.K. waters.

"Wait…what?" said one of the countless bulls who’ve been blindly bidding up share prices, "I thought the global economy was on the road to recovery…? 

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