The United Nations notes in newly released report that a recovery of global shipping industry will take more time. “While the hard-pressed shipping industry is recovering from recent declines, it is still being hindered by fragile global economic conditions as well as depressed freight rates and an oversupply of vessels”, the report says.
The study also notes that the global recovery is uneven, slower than the recoveries that have followed previous recessions, and subject to numerous uncertainties and to the fragile global economic conditions.
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