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Winter all year long seems to be what is needed to balance the tanker market in 2010
Whether the phase out of single hull and non-double hulled tankers becomes massive in 2010 or at the latest stage in 2015 does not really matter to the market.
Global economy: World growth is now projected at 4.6% in 2010. Relative to the April 2010 World Economic Outlook (WEO), this represents an upward revision of about ½ a percentage point in 2010, reflecting stronger activity during the first half of the year. At the same time, Eurozone downside risks have risen sharply amid renewed financial turbulence.
For the first time in exactly half a year – container spot rates out of Shanghai have increased after falling for 25 consecutive weeks. On the last day of 2010 – Shanghai Shipping Exchanged disclosed rising spot rates for all destinations including the main trading lanes going to Europe and US West Coast. Following a 29% drop on average spot rates, the index rose 4% during the 52nd week of 2010.
Global economy: Weak recovery sets the scene2010 was a remarkable year for shipping, strengthening the recovery that started with improved overall volumes in the second half of 2009 and ending with concerns in practically all segments. We are now in the early days of 2011 with a global recovery losing momentum as the macroeconomic drivers behind the economic recovery, such as giant stimulus packages, are being phased out and traditional concerns about inflation, deflation and economic overheating are challenging national and international economists.
Solid demand picture in a stabilized market but a tsunami of ships are expected to be launched in 2010
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