Shipping

THE cargo and passenger shipping industry contracted in the first four months of the year due to the global financial crisis and the Influenza A(H1N1) scare, the Philippine Ports Authority (PPA) said.

SUBIC BAY–Deep water ports around the Philippines are fast resembling parking lots as shipping companies caught by the slump in global trade look for places to park their unused vessels.

THE global economic turmoil is taking its toll on the Philippine shipping industry as shown by the contraction in passenger and cargo growth last year.

A GROWING number of foreign shipping companies looking to cut costs amid a global slowdown in trade are laying up their ships in Philippine ports, maritime officials said yesterday.

The Philippine Coast Guard (PCG) and the country’s maritime situation were placed under the spotlight again last year when the 23,824.17-ton M/V Princess of the Stars, carrying 864 passengers and crew, capsized one nautical mile off Sibuyan Island in Romblon on June 21.

MANILA, Philippines —  Ernesto Igama quit his job as a ship’s engineer after a pirate attack seven years ago. His love for the sea has brought him back, but now the global financial crisis could keep him stranded on land.