In International Shipping News 26/09/2016
The Nigerian Shipowners Association (NISA) has said that shipping activities in the country have gone down by 50 per cent at both upstream and downstream sector of the industry.
Speaking to LEADERSHIP, Acting President of NISA, Aminu Umar said, “If you look at the level of activities in our shipping sector it has dropped by less than 50 per cent and since level of goods movement have dropped by more than 50 per cent, then shipping has also dropped by 50 per cent.
He said for instance, in the upstream sector where they have boats offering services, because of oil prices most of the contractual or exploration business have stopped and due to this drop of activities and drop in oil price in the upstream, they cut down freight rate and it has gone down by 50 percent.
Umar stated further that vessels that used to charge $30,000 per day a year ago has reduced their charges to $10,000 due to low activities.
He said: “Vessels that charge $30,000 now charge $10,000 dollars per day. Also, due to recession and scarcity of foreign exchange.
Source: Leadership
