High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
As we reported early last month, the crew of the 150-meter ship Italian tanker Gelso M was evacuated by helicopter in a heroic fight against fierce wind and rain following her grounding on the rocky cliffs of Siracusa Sicily. According to local news sources she ran into trouble during a storm and took on water in her engine room.
Following her grounding the Gelso M listed to an angle that made it impossible to lower lifeboats, or for rescue vessels to approach, according to the Coast Guard. It was not carrying cargo, and no pollution was reported in the days following the incident.
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