Though green shoots of recovery have started appearing in the global economy, the shipping industry is unlikely to emerge from the slump for the next two or three years, according to business executives and analysts. “The global shipping industry will come out of the winter much later than most others,” said Qian Yongchang, head of the Chinese Transportation Association and former minister of communications. … “There are still hundreds of ships anchored in Singapore, waiting for business,” said Chris Bourne, executive director of European Liner Affairs Association, adding there is no chance of the situation improving in the short term.
