The marine market has seen improvements compared to last year as shipping has picked up after the economic crisis of 2008, but both insurers and the shipping industry continue to suffer from overcapacity, according to a report from insurance broker Willis.
In its 34-page report, "Marine Market, Where Next?" Willis said insurance rates continue to be soft and fresh capacity is waiting to enter the market " almost in defiance of logic."
The industry, Willis continued, "has shown tentative signs of recovery." Last year, Willis noted the shipping market was "deeply depressed" and the marine insurance market was stable. Since then, the number of laid-up vessels has been reduced, freight rates "are slowly increasing," and ship values are no longer falling.
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