Chelsea Logistics and Infrastructure Holdings Corp. said the overcapacity of ships was a big challenge for this year, due to fewer cargoes to move, which was further exacerbated by the coronavirus disease 2019 (Covid-19) outbreak. Chelsea Chairman Dennis A. Uy said his shipping business was faced by the challenge by overcapacity in the market which also impacted the freight rates. The logistics business has evolved from one tanker to 77 ships now. There’s overcapacity and because of overcapacity the rates are going down. Considered as the nation’s largest shipping group, Chelsea Logistics is the fastest growing company engaged in shipping and logistics businesses with key segments such as chartering, passage, freight, tugboat services, and logistics services.

Source: Manila Times March 10, 2020 17:15 UTC