SHIPPING FREIGHTS

Dominion, Volume 15, Issue 55, 28 November 1921, Page 6

SHIPPING FREIGHTS

GENERAL REDUCTION EXPECTED FOR OVERSEAS CARGOES IDLE TONNAGE AT SYDNEY By Telegraph—Press Association—Copyright Sydney, November 26. The “Sydney Morning Herald’’ states that, as tho result of negotiations between Australian shipping agents and. shipowners in London, which are still in progress, it is expected that general reductions in oversea freights will be announced x next week. They are understood to apply to refrigerated and general cargo. On some classes the reductions are expected to 'be considerable. Yesterday authority was received from Ixindoii to reduce the freight on copra from 120 s. to 955. per ton. The reductions are the outcome of the depression in the shipping trade. The volume of oversea tonnage in Sydney waiting for cargo at the present time is larger than ever since the depression, began to make itself felt last November. There are thirteen steamers on. the berth for British and Continental ports alone, aggregating 98,153 tons, and so little cargo is offering that the majority of these vessels will have to sail in ballast or with only a fraction of their available space occupied. Next .month fourteen steamers are due, oggrc®ating over 100,600 tons. The outlook’for them is serious and is causing the owners much concern.—Press Assn.