Depression
Depression in maritime context refers to a state of low economic activity in the shipping industry. It is characterized by a significant decrease in the demand for shipping services, leading to a surplus of vessels and a decrease in freight rates. Depression can be caused by various factors such as global economic downturns, overcapacity, geopolitical tensions, and natural disasters. During a depression, shipping companies may struggle to cover their operating costs, leading to bankruptcies and layoffs. The effects of depression can be felt throughout the maritime industry, including shipyards, ports, and maritime service providers.
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