NOL head warns the worst is yet to come for box trades

Widdows says it is time to take action to keep costs under control and predicts desperate measures needed to fill mega containerships

Helen Hill - Thursday 23 October 2008

NEPTUNE Orient Lines’ boss Ron Widdows warned yesterday of grim times ahead for the container trades, with ships laid up and orders cancelled, as the industry heads into an unprecedented slump.

While the situation was not too bad , the worst was yet to come, Mr Widdows told Lloyd’s List after announcing swingeing cuts in capacity.

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