Sunny skies could be off in the distance for shipping exchange traded funds (ETFs), because despite signs of pullback in the shipping industry, many ports are looking to prepare for that time when the listing economy finally rights itself.
Los Angeles and Long Beach port officials see the signs of retrenchment in the shipping industry, and feel that now is the time for expansion even if they are met with objections across the board, reports Ronald D. White for The Los Angeles Times.
The global economic slump has cut rates that cargo ships charge for shipping, cutting into profits, and outside the harbors of Singapore, Hong Kong and Shanghai dozens of cargo vessels are idled with no goods to carry.
This slowdown come at a time when projects in the Los Angeles and Long Beach areas are reaching critical stages and the ports’ director say it’s time to push the plans through. The projects, they contend, would reduce the pollution endured by neighbors by using newer, greener technologies.