China’s transport minister Li Shenglin is pessimistic on the outlook for global shipping which he says is embroiled in a major crisis.

Shenglin: it's not looking good

Speaking at shipping conference in China, Shenglin said the industry’s condition has been exacerbated by the European debt crisis.

"This condition may last for a relatively long period of time," he said, according to Reuters.

Participants at a global shipping industry conference in Boao, on the southern Chinese island province of Hainan, were surveyed informally by financial institution HSBC, according to the report.

Attendees