Lloyd Fonds, ship financier, cuts $458.8 million vessel orders
Lloyd Fonds AG, the German company that specializes in shipping and aviation funds, cut $458.8 million of orders for new vessels as slumping world trade lowers demand. The company eliminated orders for four container ships and four commodity transporters, Hamburg-based Lloyd Fonds said in a statement on its Web site yesterday. The decision will cut its “shipping pipeline” to 21 carriers from 29, it said.
The industry is grappling with “the worst shipping crisis to date” with 500 idled container ships, the statement said.
CMA CGM SA, the world’s third-largest container shipping line, said yesterday it planned to renegotiate and cancel deliveries of some new ships.
The industry is grappling with “the worst shipping crisis to date” with 500 idled container ships, the statement said.
CMA CGM SA, the world’s third-largest container shipping line, said yesterday it planned to renegotiate and cancel deliveries of some new ships.