Multipurpose heavy-lift ships are facing intense competition for business this year as the result of the dry cargo slump, lack of plant and machinery shipments, and ro-ro and container vessel operators seeking employment outside their own sectors. This is putting rates under severe pressure, according to carriers and agents. "It's a struggle for survival for many operators. The market is suffering from over-tonnaging, which can't be solved in the short term," Hanseatic Break Bulk managing director Andre Milschus warned. Freight rates in the project and breakbulk cargo segments have dropped to levels that provide little more than operating expenses.
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