Recession is Real

Recession is Real
Originally uploaded by Captain Nandu Chitnis, Master Mariner

Empty berths at the JNPT Container Terminal.

Traffic is down 30 %. Ships that come here have just 60 % load. Freight rates are badly down. Seafarers jobs are hard to come by.

Large number of Bulk Carriers are laid up outside various ports at anchor, hoping to book cargo.

Some Owners have taken delivery of new ships in China and sent them straight to the scrapyard, rather than idle them at anchor.