Sunday, October 12, 2008
Credit Crises hits shipping
"There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit," said Bill Gary, president of Commodity Information Systems in Oklahoma City. "The problem is not demand, and it's not supply because we have plenty of supply. It's finding anyone who can come up with the credit to buy." So far the problem is mostly being felt in U. S. and South American ports, but observers say it is only a matter of time before it hits Canada.