Recession: Shipping Activities Dropped By 70 Percent – NISA

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The Nigerian Shipowners Association (NISA) has said that Shipping activities in the country have gone down by 70 per cent.

Speaking to our correspondent over the weekend, the Ag President of NISA, Aminu Umar said activities have dropped at both upstream and downstream sector of the industry.He said,

“If you look at level of activities it has dropped by less than fifty percent and since level of goods movement have dropped by more than 50 per cent then shipping has also dropped by 50 per cent.

“For instance, in the upstream‎ sector where we have boats offering services, because of oil prices, most of the contractual or exploration business has stopped and it has also been hit by dropped in activities affected by more than80 percent and due to this drop of activities and drop in oil price in the upstream they cut down freight rate and it has gone down by fifty percent.”

Umar stated further that vessels that used to charge $30,000 per day one year ago has reduced their charges to $10,000 due to low activities.He said, “Vessels that charge $30,000 now charge $10,000 dollars per day as affected everyone. Also, due to recession and scarcity of Forex shipping is dollar base and since dollar is scares, activities have been suspended till dollar is available so Shipping activities overall is down by 60 to70 per cent.”

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