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First-Half Liner Losses Pass $6 Billion
¡¡¡¡Losses sustained by liner companies hit more than $6 billion in the first six months of the year, according to AXS-Alphaliner. All 17 major shipping companies with published financial results reported losses during the period. The bulk of the losses came from the liner shipping operations.
¡¡¡¡Current freight rates are cash negative and all major carriers are making losses at the EBITDA level.
¡¡¡¡Cash reserves have been eroded as the carriers¡¯ battered balance sheets have come under considerable strain. The situation has led almost all the major carriers to seek additional capital using whatever means available including share placements, rights issues, debt-to-equity conversion and asset sales.
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