GFM Network News

Shipping in urgent London talks on credit worries

Ship industry talks targeting counter-party credit risk were being held in London Nov. 19 in a bid to stem the slide in dry commodity freight markets and kick-start trade, organizers said. Bill Lines, spokesman for the Baltic Exchange, the world’s leading maritime marketplace, said the hastily convened talks were being held to restore confidence in

Credit, economic woes push sea freight lower

The Baltic Exchange’s dry sea freight index for global resources trade sank to a nine-year low recently, as fears of global recession and tight lines of credit suffocated trade, industry experts said. The London-based index, which tracks prices for carrying commodities like iron ore, coal, grains and cement on top export routes, fell 12 points

Ocean trade choked as credit notes dry up

There is growing evidence the global credit crisis is stifling seaborne trade as banks become more reluctant to honour crucial letters of credit between buyers and sellers who ship goods and resources, analysts say. “With reports of sellers’ banks deciding they don’t trust the financial institutions named in buyers’ letters of credit, have come alarming