ITF squeeze 8% rise in crew wages outta fat shipowners
Shipping as whole is going through a golden period. Burgeoning international trade has lifted logistic demand to great heights giving rise to acute shortage of skilled men o'er and under the bridge.
And finally, the ship-owners are on the backfoot and ducking to the rising demand salvo, as they have agreed to a higher-than-expected 8% rise in crewing costs on flag-of-convenience ships. However, it is yet to be decided on how they want the bread to be divided among the officers and the ratings. Obviously, the men with stripes will walk away with the lion's share.
But looking at dollar's plight, this hike is just a lollypop, as dollar is already down 11.6% against rupee this year and if Bernanke were to have his ways, wages of solitude won't be enough to drive men up the gangway.
And finally, the ship-owners are on the backfoot and ducking to the rising demand salvo, as they have agreed to a higher-than-expected 8% rise in crewing costs on flag-of-convenience ships. However, it is yet to be decided on how they want the bread to be divided among the officers and the ratings. Obviously, the men with stripes will walk away with the lion's share.
But looking at dollar's plight, this hike is just a lollypop, as dollar is already down 11.6% against rupee this year and if Bernanke were to have his ways, wages of solitude won't be enough to drive men up the gangway.
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