Ferry companies face a tough time as Irish economy shrinks
Less than 2 years ago, the Irish economy was booming as the Celtic Tiger went from strength to strength. However, Irish Finance Minister Brian Lenihan is forced to admit that the economy is fast becoming one of the sick men of Europe. The GDP shrank by 7.5% this year, with a further 1.25% anticipated in 2010.
Ro-Ro Ferry volumes into the island of Ireland reduced by a weighty 13% 1st half 2009 compared to 2008. 2010 is going to be an extremely testing period for hauliers and ferry operators offering services into and out of Ireland. Decreasing volumes increasing bunker costs and pressure on rates across the board will hit hard. With a decreasing population as migrant workers return home, demand in all sectors is likely to decrease during 2010.
Emtpy decks for 2010. 