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The global macroeconomic scene has become more volatile, with prominent factors such as oil prices and global currencies causing a commotion.
Global economic activity is once again at the centre of attention as the shipping industry looks for guidance on the overall future demand.
Bloomberg intelligence held a webinar with BIMCO’s Chief Shipping analyst Peter Sand and Jonathan Chappell from Evercore ISI on 8 January 2015. If you were not able to be part of it you can watch the playback video via the link below.
It surely holds the potential to do so, on a national level as well as on the individual shipping company level.
After lower than expected growth in the first half of 2014, the IMF has once more lowered its GDP growth forecast for 2014 and 2015.
The International Monetary Fund (IMF) has downgraded its global growth projection from 3.7% in April to 3.4% in July. The adjustment is primarily due to the large negative result in the US in the first quarter of the year. The IMF stressed that this is now behind us – and it therefore sticks to its 2015 projection with an unchanged growth level of 4.0%.
The recovery in the advanced economies continues to strengthen as fiscal consolidation is slowing down and investors are less worried about the debt situation. We have seen this with several southern European nations now being able to tap into the financial markets once again at interest rate levels signalling improved health.
As the recovery continues to move forward, the bumps in the road are both new “friends” and old “foes”. We are still concerned with the lack of inflation in both the US and Eurozone, as production capacity far exceeds demand.
“The importance of China to the shipping market is second to none. This goes for all major shipping segments. In spite of leaving the double-digit growth rates behind us in the previous decade, the sheer size of the world’s second-largest economy now gives so much impetus to our industry that we have become addicted to China.”
