By Justin Fox (Bloomberg View) -- For the first time since early 2014, the dollar value of goods imported and exported by the G20 countries actually grew a little in the second quarter of this year, the Organization for Economic Cooperation and Development reported last week. This is probably just because oil prices bounced back a bit after hitting a 12-year low in the … [Read more...]
Brexit Won’t Stop Globalization (or shipping)
by Michael Schuman (Bloomberg) Globalization—that irresistible force that is inevitably, inexorably fueled by large ships—looks to be in retreat. Trade growth has never recovered to the levels reached before the 2008 financial crisis. Donald Trump is fueling his presidential campaign on fear of free trade and immigration. The economic problems of the U.S., he blasted … [Read more...]
Does Shipping Tell the Real Story of China? You Should Hope Not
By Manisha Jha (Bloomberg) -- Investors betting that China’s near- insatiable appetite for industrial raw materials will drive global economic growth may want to skip the shipping news. For the first time in at least a decade, combined seaborne imports of iron ore and coal -- commodities that helped fuel a manufacturing boom in the world’s second-largest economy -- are … [Read more...]
Global Container Ship Market Weathers the Economic Storm
By Eric Uhlfelder, Barron's Cargo shippers are in the tank, thanks to slowing global economic growth and oversupplies of dry-bulk ships, which transport iron ore, coal and grains, and of tankers, which transport crude oil and petroleum products. The one segment of ocean-going vessels that remains afloat is container ships. Douglas Mavrinac, who heads the maritime group at … [Read more...]
MAERSK: Deteriorating global economy putting pressure on shipping industry
Image courtesy Maersk By Flemming Emil Hansen, Dow Jones & Co COPENHAGEN—Shipping and oil company A.P. Moller-Maersk A/S warned Wednesday that new shipping capacity and deteriorating world economic prospects are pressuring freight rates, and it's unclear when they'll recover. The Danish company issued a more cautious forecast for the full year, after … [Read more...]
New Study Bodes Well For Gulf Oil and Gas Industry
Gulf Offshore Oil and Gas Industry Could Support Over 400,000 Jobs Nationwide by 2013 A new study released today by the National Ocean Industries Association (NOIA) and the American Petroleum Institute (API) shows the important nationwide jobs and economic impact of the Gulf of Mexico offshore oil and gas industry and reveals the effect of permitting on those … [Read more...]
Idle Ships Off Singapore Coast
Over the past day or so, there has been an article going around to different news sources about the hundreds of idle ships off the coast of Singapore as a result of the "steep slump in trade." Here is a snippet of the article. One of the largest fleets of ships ever gathered idles here, near one of the world's busiest ports, marooned by the receding tide of trade. There may be … [Read more...]