Word: cargoing
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...tankers stand idle in fjords along the coast of Norway. At the port of Fujairah, near the mouth of the Persian Gulf, Harbor Master Roger Turnbull begins each day in his control tower by counting the empty ships that appear on the horizon in their almost futile search for cargo to carry. One morning this month he counted 55, then two days later, 69. Says he: "They drift in during the night, and when we wake up, they're just sitting there waiting...
...ship captains will need plenty of patience. Right now the world's fleet of tankers and other cargo vessels is 30% larger than necessary to do the amount of work available. The huge surplus of hulls for hire has put ship owners and builders into their most severe slump since the Great Depression. The battle for business has severely corroded cargo-hauling rates and the values of ships. It costs only about $7 today to move a ton of grain from New Orleans to Amsterdam, in contrast to $17 in 1981. Says Fernand Suykens, director general of the port...
Many shippers and builders have already sailed over the edge, or come close. The U.S., which had about 20 general cargo ship lines in 1970, now has only seven. This month the Swedish government announced plans to close the country's last major commercial shipyard, Kockums, located in the southwestern port of Malmo. Thage Peterson, Sweden's Industry Minister, said the government has pumped $4.7 billion into the shipbuilding industry over the past decade, but finally decided to end the Kockums subsidies because the firm had received no new orders in more than two years. In Hong Kong, the Tung...
...last week. Arrow Air, the Miami-based company whose jet was ferrying home members of the U.S. Army's 101st Airborne Division from Sinai peacekeeping duty, filed for bankruptcy under Chapter 11. Of Arrow's 500 employees, 400 were furloughed, and all but a handful of charter passenger and cargo flights were canceled...
...cases of coke-smuggling aboard Eastern jets. Last week a top Drug Enforcement Administration official revealed that indictments are in the works against some 50 of Eastern's baggage handlers in Miami. The agency suspects them of smuggling billions of dollars' worth of cocaine into the U.S. in airliner cargo bellies...