Shipping industry sees signs of hope
4 April 2014 Last updated at 01:10 BST
Headwinds facing the shipping industry have seen widespread rationalisation and many operators go under.
However, there seem to be glimmers of hope.
Dubai's DP World, the world's fourth-largest port operator, saw stronger net profit last year, up 10.9% at $604m, from $545m in 2012.
So has it weathered the storm? The BBC's Sharanjit Leyl spoke to Peter Sand, chief shipping analyst at Bimco, the world's largest shipping association.