When the boat comes in

Noble Group''s vice-chairman, Harry Banga speaks about how the shipping-to-commodities trading group is dealing with the aftermath of 9/11 and the challenges of increasingly volatile business cycles.

FA Obviously many industries are trying to understand the implications of September 11. How do you see shipping being affected by the events

You have to look at it from different aspects. In the immediate aftermath, there was panic and nobody really knew what could happen. The events have caused problems that are not going to go away overnight, so you have to look at the medium and long term effects.

Initially after 911, oil prices went through the roof and that was reflected immediately on the freight rate, which jumped up. But as the world was already in recession so the basic demand for the commodity was only affected in the very short...

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