Heavy lift and project carriers are struggling with a prolonged freight slump following the 2008/09 recession, with many large infrastructure or industrial projects halted and delayed. Low vessel earnings are exacerbated by the downturn in dry bulk rotes as minor bulks and breakbulk cargoes remain an important additional source of income for mul-tipurpose vessels. Difficult market conditions have sparked a racefor scale and cost-effi-ciencies among leading owners and Operators, highlighted by the merger of US carrier Intermarine and Denmark's Scan-Trans in 2012, the takeover of semisubmersibles operator Dockwise by Royal Boskalis Westminster earlier this year and the combination of Clipper Projects and Thorco Shipping as per 1 July. Outside the conventional tramp project cargo sector, heavy load specialists such as Jumbo Shipping, Germany's SAL and BigLift have been increasing their focus on value-added work in the offshore sector such as installation of modules for offshore oil and gas and for renewables power generation.
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