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CEO Says Strong Demand For Shipping Suggests Solid Global Economy

Monday, 19 Mar 2007 | 4:34 PM ET

Peter Georgiopoulos, chief executive officer of Genco Shipping & Trading and General Maritime , told CNBC’s “Street Signs” that worldwide demand for dry-bulk and oil shipping remains strong, suggesting a solid global economy.

“People are chartering ships today for two years starting in September,” he said Monday. “I think that’s a very aggressive sign.”

China continues to generate much of the demand for dry-bulk shipping, he said.

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Demand for oil shipment remains strong and rates are about the same as last year, a “great year” for the shipping industry.

Based on demand for shipping, Georgiopoulos said the global economy appears strong.

“Things are much better than we thought,” he said.

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  • Brian Sullivan is co-anchor of CNBC's "Street Signs."

  • Co-anchor of CNBC's "Street Signs," Amanda Drury is based at the network's global headquarters in Englewood Cliffs, N.J.