Stephenson Clarke Shipping Ltd., started in 1730, has been placed into liquidation, according to a statement from accounting firm Tait Walker. The Newcastle-Upon-Tyne, England- based shipper, which employed nine people, sold off its final vessel in July, according to the statement.
The Baltic Dry Index, a gauge of rates to transport dry- bulk commodities including grains and coal by sea, is down 55 percent this year and on course for a fourth annual slide in five years, data compiled by Bloomberg show. The current slump is “one of the worst experienced for many years,” the shipping company said in the statement.
h/t POK
That’s damn sad, in a similar vein. Apparently the Rocky Hill – Glastonbury Ferry in CT is closing as well, it’s been in operation since 1655.
But it is Obama’s Recovery Summer 3!
The success of the Democrat economic plans has spread from the US to Europe and Asia. Soon the People will all bask in the glorious socialist success of a centrally planned economy.
rd, yes, and we can all bask in the glory of the posters with our great leaders shown on them in that faraway slightly upward look into the utopian distance.
I have an app on my phone called Kat Kam.. I use it for various things, generally as a weather forecast aid. It is an ever changing picture of the outer harbour of Vancouver looking past the Burrard St. Bridge. You can see the disputed Coast Guard Station in the left foreground. What you also see are the ships waiting to go into the inner harbour to load/unload. On a normal busy day you will see eleven ships at anchor. For the past few weeks, the number has dwindled, as you can see this evening there are only two. I think this is a good barometer of what’s happening in the world of trade. All speculation on my part Kate, but it is rather spooky.
Calm down, the central planners should be returning from their dachas within the month. Be assured they will be refreshed and armed with the latest thinking in economic management.
All will be well…
Apparently not only is tonnage down but a large increase in built shipping came on stream from 2008 on. Not only Clarke went down but also a equally big Italian shipper as well.
I would be curious to know how many companies are shipping their own freight ala Walmart?