Even as some commentators predict the worldwide economic downturn may be slowing, the medium and long-term effects on global trade remain unclear, leaving ship owners, operators and creditors facing a precarious future. Increasing numbers of shipowners are believed to be running short of cash as revenues fall, while at the same time it is proving more difficult to secure new sources of income from investors or lenders.rnPrior to the shock of the credit crunch, the shipping industry was set for aggressive growth. The rise of export power-houses - most notably China - combined with easy credit and an appetite for cheap goods around the world, had created a climate in which ship mortgages of more than 100% were commonplace. Shipbuilders' orderbooks were full and demand kept margins high enough to justify levels of gearing which seem astonishing in the current climate.
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