Some pockets are deeper than others

I rarely write anything conserning about my work to this page, as I like to keep my private life separate from my work life. If you pay for 8 hours a day, it dosn't include any additional hours. The system works both ways and in my opinion, it's the best scheme there is.

This is kind of interesting in a larger picture and that's why I've posted few links here. One of the blogs that I follow is the blog called International Shipping News, that is blogging about topics that affect my professional life. Actually I'd like to recomend it to anyone who is interested in the international business. As much as we like it or not, international business is still mainly controled by various shipping companies.

This recession has hit international business hard and has basicly created a huge competative situation for the shipping companies. Maritime business has always been for the people with very deep pockets, but according to latest news some pockets are deeper than others. Hapag-Lloyd is the one from the big boys who is hurting the most. Following quote is from The Journal of Commerce (regarding Hapag-Lloyd).

The German container line’s cumulative loss for the first six months reached $627.1 million, compared to a profit of $190 million in the first six months of 2008.

Second sad story is the 137 year old Chilean carrier CSAV, who is also expected to sink. This really is the game for the big boys with deep pockets.