Ocean carriers are tightening up their credit terms with thousands of smaller NVOCCs [non-vessel-owning common carriers] due to mounting fears that many could go bust due to Covid-19.
Since the banning of shipping conferences, when credit indiscipline was considered an internal fineable breach of the terms of the rate-setting cartels, many carriers have granted generous credit facilities as an incentive to attract customers.
Indeed, before its collapse in August 2016, Hanjin Shipping …
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Source: The Loadstar