A long haul to recovery.
The hardening of rates in the marine cargo sector looks set to be a slow process. Shona Cronin analyses the most significant changes in this specialist market.
Rates within the cargo market are continuing to fall, fuelled byovercapacity within London and international markets. On top of this, the
London market witnessed a fall in profits during 1996-1998 at the hands of
increased competition and continued consolidation.
Some optimists believe the shock of this slump in profits will lead to
more diligent underwriting, but analysts Chatset is not so
enthusiastic.
In its Lloyd's League Tables and Review published in January it stated:
"The market is
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