Archives for posts with tag: Ships

Amid fairly significant turmoil today in many of the key shipping sectors, there’s one area where extreme conditions have almost become the norm. Container freight rates across a range of trades are currently at rock bottom levels, making liner operations more challenging than ever. What have been the ingredients of this hazardous environment, and is there anything out there that could change the mix?

The Explosive Cocktail

Following the onset of the global economic downturn, many observers noted that container freight rates (the amount paid to move a box from A to B) appeared to have entered an era of increased volatility. As the graph shows, on the mainlane trades box freight rates started to fluctuate more dramatically as liner companies were forced into more active supply management to absorb huge deliveries of ‘mega’-boxship capacity. This has been particularly marked since early 2011 (‘Ingredient #1’), with at least 9 sets of peaks and troughs in the index on the graph evident since then.

Not A Good Mix

If the volatility wasn’t difficult enough for liner companies to manage, ‘Ingredient #2’ has been even tougher to stomach. Container freight rates have developed a clear propensity towards a downward trend, evident in particular in 2012-13 and most acutely and dramatically across last year. Pressure on rates has come from both cyclical and structural factors. Larger ships and the accompanying lower unit costs have backed a long-term downtrend in freight rates (with scale economy benefits seemingly passed down quickly to shippers). Meanwhile in 2015 the weakening supply-demand balance and lower bunker prices placed pressure on rates. The index on the graph fell from $1,290/TEU in Jan-15 to $385/TEU in Mar-16, illustrating the potent mix.

For liner companies (and charter owners dependent on operator requirements) this was definitely not a good mix. After a year of sliding rates on the mainlanes (and elsewhere), operators have faced up to loss-making levels. By March, according to the SCFI, the key Far East-Europe rate was averaging $224/TEU. That compares to post-2012 peak levels as high as $1,765/TEU. Enough to send anyone to the bar for a stiff drink!

A Nasty Double Shot

Of course, a particularly nasty cocktail of factors was at play last year. There were all time record deliveries of 12,000+ TEU capacity totalling 0.8m TEU. And a positive demand situation eroded pretty quickly with full year world container trade growth reaching just 2.4%.

Time To Get On The Wagon?

This all sounds familiar to critics of the liner business model, but is there any sign of the operators eschewing the cocktails and getting ‘on the wagon’? Well, ongoing major carrier consolidation could help if it brings ordering of very large ships under control. But might it just trigger another ‘round’ or two first? Otherwise it’s up to the demand side. But at least with box rates so low, it’s cheap to move a glass or two of wine around while we’re waiting. Even at $1,000/TEU it’s only 7 cents per bottle. Until things turn for the better, let’s raise a glass to the benefits of cheap container shipping!

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In many instances the shipping industry is all about growth, with trade volumes expanding along with the world economy and fleet capacity growing too. However, that’s not exclusively the case. Today, trade volumes in some commodities are stalling, and there are some parts of the fleet that are on the wane. What might a look at some of those shrinking sectors tell us?

Frozen Out?

There are a number of reasons that can drive fleets into decline. The first is technological substitution by another sector. The reefer fleet is a good example. Total reefer fleet capacity has been in decline since the mid-1990s as containerized transportation has encroached onto the territory once held by conventional reefers. In 2012 reefer capacity in cubic feet declined by 12%, and last year by 0.6%.

Upsized?

Upsizing is another driver that can cause capacity in certain sectors to decline. As larger vessels offer greater real (or perceived) economies of scale, smaller vessel sectors can get left behind. This has been most noticeable in the containership sector. The sub-1,000 TEU boxship sector, once home to the classic ‘feeders’, has been in decline in TEU capacity terms since 2009, with growth in the boxship sector as a whole focussed on much larger vessels.

All Change?

Another driver of decline in a fleet segment can be a specific development in infrastructure. The Panamax containership fleet is an example of this. Although there are 838 Panamaxes still on the water, Panamax fleet capacity, which once accounted for more than 30% of the containership fleet, has been in decline since 2013, and there are no units on order. The planned expansion of the Panama Canal has made the Panamaxes yesterday’s vessels, and when the new locks eventually open (currently slated for later this year) the prospects for decline look even more certain. 11 Panamaxes have been sold for recycling already in 2016.

Cycling Through?

Market cycles can also explain shrinking fleets, although in this case the trends may not necessarily be lasting. In the Ro-Ro sector, with markets softer, total lane metre capacity was in decline for most of 2010-14. When markets are weak there is often limited vessel replacement with earnings insufficient to tempt owners at prevailing newbuild prices. Eventually the cycle turns, and earnings improve, incentivising owners to order new tonnage leading to fleet growth once again.

What Goes Down, Must Go Up?

Happily, however, each of these drivers also explain fleet expansion, generally with other sectors benefiting from the same trends in technology, upsizing or infrastructure. World fleet growth has slowed but remains positive, although even here it’s worth noting the patterns; growth has been more focussed on tonnage than ship numbers. Nevertheless, the global fleet is a broad church, and not everything is growing all of the time. The interesting news, however, is that if there’s growth overall, and one part is in decline, then another part must be growing even more quickly! Have a nice day.

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It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year so far. With a nearly constant stream of negative news continuing to emerge across each of the key dry bulk cargo sectors, it is almost as if Poseidon, the Greek god of the sea, has with his powerful trident launched a three-pronged attack.

Down To The Ocean Depths

The current depression is indeed severe. The Baltic Dry Index, a daily indicator of bulkcarrier rates, fell to its 19th consecutive record low of 317 points on 29th January. This is far below the average of 718 points in 2015, which itself was the second lowest annual average on record, and represented a year in which bulker earnings averaged around $7,000/day, little over estimated operating costs.

Surprise Attack

Of course, difficult market conditions are nothing new. Bulker earnings have been under pressure since 2011, when more than 100m dwt of deliveries kept fleet growth in double-digits. Whilst fleet growth eased to 2.4% in 2015, the slowest pace in 16 years, new demand-side pressures emerged, with dry bulk trade remaining flat last year. In Greek mythology, Poseidon’s trident had the power to cause earthquakes on earth, and there has certainly been evidence of a shake up recently. But where have each of the three prongs hit, and how sharply?

Strikes To The Core

The first earthquake is being felt in the iron ore trade, which accounts for around a third of dry bulk trade. Following rapid growth of 15% in 2014, Chinese imports eased in 2015, and expansion in iron ore trade slowed during the year (see graph). Overall, global iron ore trade is estimated to have grown by only 2% in 2015, and continued weak Chinese steel demand and the temporary closure of several major iron ore ports in January has done little to reverse this trend into 2016 so far.
The second shake up has hit trade in coal, which accounts for a quarter of dry bulk trade, very hard. Volumes declined by an estimated 5% in 2015, and the decline in volumes on the top 100 coal trade flows neared 10% y-o-y in Q3 2015, as Chinese and Indian imports fell. With several countries looking to increase reliance on clean energy sources, a major improvement in volumes seems unlikely.

Shifting The Currents

Finally, whilst the third earthquake has perhaps been less obvious than the first two, it has still had a significant impact. Growth in minor bulk trade, a diverse cargo grouping that accounts for more than a third of dry bulk trade volumes, was limited to 1% last year, owing in part to lower Chinese demand for imports of forest products, steel products, nickel ore, and various other smaller cargoes.

Stem The Tide?

So, the seas have been exceedingly stormy in the dry bulk sector. The impact from China’s economic transition is still resonating, and as yet there are few signs of an imminent improvement. As distressed conditions take their toll, hopes will be that the power of Poseidon’s trident will eventually start to ebb.

New Zealand’s Rugby World Cup victory has further cemented the now long-held dominance of the All Blacks in international rugby. But the performance of the European nations in this year’s World Cup was disappointing, and over the long-term in shipping too, focus has gradually shifted from Europe to the other side of the world, with Asia the increasingly dominant player in many parts of the maritime industry.

Another Round Kicks Off

The rise of Asia and especially China as key drivers of seaborne trade growth has over recent decades turned maritime eyes increasingly eastwards. Across many aspects of the shipping industry, Asia has consistently been moving up the league tables, but having slipped behind in the game, how does Europe’s position look now?

A look at overall economic performance suggests not. EU GDP growth is certainly improving after falling to -0.4% in 2012 (see graph), partly owing to low oil prices and the weak euro. But this recovery is far from convincing – growth is expected to remain below 2% this year. As a team performance, the overall impression of regional growth is one of distinct patchiness, with a weak showing in Greece and in countries exposed to difficulties in Russia partly offsetting improved displays in others such as France, Italy and Spain.

Trade Struggles To Convert

The implication of these trends on seaborne trade is similarly mixed. After notably firmer volumes in 2014, European container imports have slowed in the year to date, with volumes on the Far East-Europe route down 5%. Imports even into countries showing improved economic growth this year have declined. Asia remains the focus of box trade expansion, with Europe’s share of global imports set to fall below 14% this year.

In the dry bulk sector, China’s leap up the leaderboard has squeezed the share of EU imports in global iron ore and coal trade to 12% last year. China’s dry bulk imports are now coming under pressure, but the EU has been unable to claw back lost ground. However, in the crude oil trade, Europe has stubbornly stayed in the game, keeping a share of around 24% in global crude trade since 2010. With EU imports set to grow 8% this year, 2015 could see the EU drive a greater share of crude trade growth than China for only the second time since 2005.

Tackling The Leader

Moreover, an apparent bounce-back is currently being seen in fleet ownership. Asia’s rapidly growing fleet had reduced the share of EU owners in the world fleet to 35.5% in 2013 (see inset graph). However, a 15% expansion in the Greek-owned fleet since start 2014 has helped the EU to begin to even out the scoreline, and the EU’s share of the world fleet is now rising for the first time since 2008.

But No Turnover

So, some elements of European shipping now seem to be driving forward. But economic difficulties linger on, and in reality improvements have generally been only limited in scope. For now, just as the All Blacks must be feeling secure at the top, in the world of shipping Team Asia still seems well ahead of the European pack.

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Idle capacity has been a feature of the containership sector since the economic downturn in 2008-09. Prior to that, box freight rates tended to vary according to fairly macro factors, and liner companies appeared less inclined to resort to micro supply management to address imbalances. But in recent years, there have been clear phases of containership ‘idling’, each highly reflective of conditions in the sector.

The Worst Of Times

Global box trade dropped by 9% in 2009, and liner companies were left with little option but to idle significant levels of capacity to resurrect freight levels from rock bottom levels (Phase 1 on the graph). By the end of 2009, 1.5m TEU, or 11% of total fleet capacity stood idle. This did at least help push freight rates back up.

Not The Best Of Times

It did of course have a negative impact on the charter market, leaving owners, with an easy supply of laid up ships lurking in the background for charterers to access, unable to bid up rates. But, with some believing the world economy to be recovering quickly, substantial amounts of idle capacity were soon reactivated and by the end of September 2010, there was only 1.6% of the fleet idle (Phase 2). However, with freight levels having dropped again, further lay-up followed, and by end March 2012, the position had been reversed and 5.9% of the fleet was idle (Phase 3). Charter owner tonnage accounted for around 70% of the total by the summer of 2012, and most of the idle capacity was in classic charter market sizes, with only 3% above 5,000 TEU, putting pressure back on charter rates.

Better Times?

In the next phase, market conditions very slowly appeared to become more helpful, and idle capacity gradually fell, with the winter peak receding each year (Phase 4); idle capacity peaked at 6% of the fleet in early 2012, 5% in 2013 and 4% in 2014. But the charter owners’ share stayed high, keeping pressure on the charter market. It took until well into 2014 for rates to see much positive traction. By the end of 2014, idle capacity was finally more limited, at 1.3% of the fleet, reflective of the improved environment.

Time For A Change (Again)?

Today, despite severe freight rate pressure, idle capacity is still fairly limited at 2.5% of the fleet, but it is on the rise and the charter market is softening, ceding some of its gains. Larger ships had begun to account for a greater share of the idle pool (24% over 5,000 TEU in May) but recent weeks have seen a return to increased smaller ship idling.

So how will Phase 5 play out? There are a range of scenarios. Liner companies might continue to compete aggressively on the mainlanes with an apparent surplus of big ship capacity, and endure freight rate pain without idling too much more capacity. Or to protect freight rates they might start to idle a greater number of larger ships. Alternatively, they might once again pass down the pressure to the smaller ship arena, leaving more significant levels of capacity there to impact on the charter market. Much might depend on the flexibility of tonnage. Either way, once again, the development of idle boxship capacity will be a sign of the times. Have a nice day.

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On 14th August 1948, Don Bradman, Australia’s greatest cricketer of all, walked out for his last test match innings, at the Oval in London. Over 52 test matches, his average score was an astonishing 99.9 runs. All he needed was 4 runs for a test match average of 100 (sorry non-cricketers, you’ll have to check it out on Wikipedia). But he was bowled out second ball by leg spinner Eric Hollies.

Two Simple Rules

The moral of this sad story is that however experienced you are, two basic rules apply. Keep your eye on the ball and watch out for spinners that behave erratically. That seems to apply pretty well to today’s tanker market. The fantastic revival of tanker earnings started in October 2013, was interrupted by the summer dip in 2014, then picked up in October 2014. Since then it has not looked back, with crude tanker earnings generally averaging $40-$50,000/day. There is a little weakening right now, but sentiment appears to be confident for the winter.

Demanding Wicket

Against the background of a 2% fall in seaborne crude oil trade in 2014, US fracking and a lacklustre world economy, this earnings surge was a surprise. But there were some mitigating factors. Low oil prices are boosting demand and the IEA has revised up its forecast for growth in global oil demand in 2015 to 1.6m bpd.

Growth on long-haul trades has also helped. Between 2011 and 2014 Caribbean tonne-mile exports increased by 36%, largely due to increased shipments to China and India. That sounds good, but many VLCCs repositioned with a backhaul e.g. West African crude for Europe, and maybe a Transatlantic fuel oil cargo. Although handling fuel oil is time consuming, especially when it involves STS (ship to ship), this undermined some of the “tonne-mile” effect. And so did cargo-leg speeds, which appear to have edged upwards over the last year. But while the part played by demand may not seem entirely clear, there has still been a notable improvement in crude trade volumes this year, with seaborne shipments to major importers estimated to have increased by 4% year-on-year in 1H 2015.

It’s Supply, Stupid?

When we turn to supply, the picture becomes clearer. Until the summer of 2013, the crude tanker fleet was growing at 15-20m dwt pa. That’s about 5-6% per annum growth, well above demand growth. But by October 2013 growth had fallen to 2%, producing a nice year-end spike. The tanker supply slowdown kept on going and by July 2014 the crude tanker fleet was declining. Admittedly the growth has
edged up so far in 2015, but only to around 1-2% per annum.

Nasty Spinner In Sixteen?

So there you have it. Tanker investors have scored well in the last year, but, like Don Bradman, they must remember rule two and watch out for the spinners. Although fleet growth is sluggish, the crude tanker orderbook for 2016 could produce a “googly” as it pushes fleet growth back up to 6% (depending on demolition). Even with positive demand, tanker investors are going to have to keep their eye on that ball and hope it breaks the right way. Have a nice day.

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Bulkcarrier owners could be forgiven for feeling just a little bit dizzy at the moment. The unprecedented growth in China’s steel industry over the last decade has for years provided an adrenaline-infused experience in dry bulk trade. But with both Chinese steel production and iron ore imports registering a decline in the first half of 2015, is the playtime over?

Down To Earth With A Bump

It’s no surprise that the recent wobbles in China’s economy have been leaving dry bulk’s thrill-seekers with a nasty headache. Construction activity has slowed, and total steel use dropped by 5% y-o-y in the first five months of the year. Steel production has declined by a less severe 1% y-o-y, but this is still an unpleasant change of direction for those accustomed to average output growth of more than 10% per annum over the last ten years.

Round The Roundabout Again

Yet these worries over China’s steel industry are not new. According to China’s annual estimates, steel output growth in 2014 slowed to 1%, from 14% in 2013. However, iron ore imports increased in 2014 by a massive 15% to 914mt. Almost heroic growth in Australian iron ore production flooded the global iron ore market with cheap ore, displacing some higher-cost domestic Chinese ore production. Ambitious production expansion in Australia is still underway, and exports from the country are up 9% so far this year, but total Chinese seaborne imports are down 1%. So what has changed?

Balance Shifts On The See-Saw

This year seems to have proved a tipping point in the iron ore market. Weak Chinese demand is contributing to record low iron ore prices (dipping below $50/tonne in April). In 2014, the rapid drop in prices boosted China’s overall import demand, but no such positive effect is visible this year. Instead, the extent of the price drop has squeezed out a number of small iron ore miners across the world, and Chinese imports from many smaller suppliers have been depressed this year. And while Chinese miners have clearly reduced domestic production, there are questions over how much more capacity (particularly state-owned) will be cut.

Swings In Need Of A Push?

The unsettling thought for the dry bulk market is that the excitement of the Chinese ride could be coming to an end. Despite the price drop, most major ore miners are forging ahead with expansion plans. If China’s steel usage has peaked, miners will be fighting for market share in a shrinking demand arena. And if Chinese ore output proves resilient to price pressures, this could leave those expecting a resumption of firm iron ore trade growth with only a severe case of vertigo.

While global growth in low-cost ore production could still boost imports later this year, there is certainly no longer a consensus that China’s steel industry has considerable long-term growth potential. Faced with this ominous scenario, bulker owners will be hoping that the current weakness in China’s iron ore imports is only a temporary downward swing. Time will tell, but for some the playground which once spurred great excitement might be starting to lose its appeal.

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Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope that while the game continues he can put off his demise. This grim epic could be seen as a metaphor for the daunting progress through long shipping cycles, as one risk-laden move in the toxic chess game follows another.

August 2007 – The Game Starts

Today’s cycle started eight years ago in 2007. It was an epic year. Capesize earnings averaged over $110,000/day and merchant shipbuilding investment reached a record $229 billion (excluding offshore). But there was good reason to be apprehensive. In August the first signs of the financial crisis hit Europe, as interbank investors grew paranoid about the vulnerability of their counterparties to CDO exposure, bringing Eurodollar trading to a halt. Meanwhile analysts were worried that the Chinese super-boom would peak out after the Olympic Games in 2008. So although dry bulk investors were still making money and ordering ships, the solitary chess game with destiny had already started.

Mounting A Comeback

Seven years later the chess game is still going on. The financial crisis got off to a more dramatic start than anyone anticipated. In 2008 as panic swept through financial markets and trade credit became almost unobtainable, the world economy, including China, came precariously close to meltdown. But fortunately this time the politicians eased through the crisis successfully. China mounted a heroic infrastructure programme which gave bulkers a very decent boom in 2009-10. Following this the market fluctuated, but reached decent levels in late 2011 and again in late 2013.

Not Deadly Or Distressed?

As recessions go so far the game with destiny has gone quite well. Since the end of 2007 Capesize earnings have averaged $32,300/day and the market has soaked up 490m dwt of new bulkers. In 2013, 104m dwt of bulkers were ordered. So someone in the industry believed bulkers would win their chess game.

But in 2015 the game changed. Capesize earnings averaged only $6,212/day in the first half. For the first time signs of real distress are apparent. After 8 years, dry bulk sentiment finally collapsed and bulker orders fell from 16m dwt in January 2014 to 0.05m dwt in June 2015. A helpful step towards market recovery, but it leaves the shipyards with a problem. Over the last 8 years bulkers were a third of shipyard workload (see inset pie chart). Although tankers and container ships are still being ordered, they show no sign of filling the gap left by bulkers.

Dance Macabre

So there you have it. Bulkers have finally made a meaningful move towards better times by cutting investment. But the game isn’t over yet. They still need a strong world economy and continued Chinese import growth. Meanwhile a new chess game with destiny is getting started, this time in the shipyards as they try to plug the bulker gap. Maybe the game’s not over yet. So if you want a nice relaxing summer, our advice is don’t watch The Seventh Seal. Have a nice day.

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Successful investors are always looking to get on the right side of an uneven bet, and the shipping market has had an uneven look to it so far in 2015. There has been some improvement in earnings, and the Clarksea Index has risen to around 30% above its 2014 average. However, the upside has not been spread equally across the sectors at all, and the same could be said of trends in capacity growth.

Uneven Territory

Looking at the key markets, the LPG sector has continued to be a star performer, and tankers have had a great run in the year to date too. Containerships have seen charter earnings increase from historical lows, but poor old bulkers continue to see rock bottom levels. It’s an uneven picture to say the least. However, one factor that appears to be more even is the volume of capacity entering the fleet.

Flattening Out

Shipyard output looks fairly steady, with the 6-month moving average of deliveries averaging around 7-8m dwt per month for about a year and half now. As a result fleet growth has slowed from the c.9% level seen in 2010-11, and today the projection is for a fairly steady rate of growth in total cargo fleet capacity, with expected expansion of 3.5% this year and 4.1% in 2016. Is this good news? A high level view may suggest that, with a fair wind on the demand side, more moderate supply side growth at least should not make the underlying market surplus any worse. However, looking in more detail it is clear that the rate of capacity growth is highly uneven across sectors too.

Speeding Up

Supply growth in the key cargo vessel sectors can be split into three. In the fast lane we have those sectors where fleet growth is expected to speed up in 2016. LPG carrier capacity growth already looks rapid (VLGC capacity is projected to grow by 18% this year) and will accelerate again next year. Crude tanker fleet growth will also speed up (VLCC capacity is projected to expand by 6% in 2015). What sort of ‘landing’ might that bring for these markets? Capesize bulker fleet growth will ramp up to 5% in 2016 (as if this sector needed any more pressure), and after a few years of shrinkage the 1-3,000 TEU boxship sector will at last see some (much needed) expansion (1%).

Slowing Down

Supply growth in other sectors looks set to remain relatively steady in 2016 compared to 2015, but there are also a number of sectors where it is projected to slow in 2016. LNG carrier and Handy bulker supply growth will start to recede. Notably, expansion in the large (8,000+ TEU) boxship sector will begin to slow (20% in 2015 to 13% in 2016) whilst the medium-sized boxship fleet will staunchly continue to decline (by 2% in 2016).

So, market earnings are uneven today and despite the big picture suggesting that capacity growth will remain moderately steady across 2015 and 2016, delving into the detail suggests that supply-side impetus will be uneven from one sector to another. Some sectors might be start to feel fresh pressures whilst others might breathe a sigh of relief. Those aiming to get on the right side of the bet should look closely. Have a nice day.

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Bond movies are great for pithy philosophy and the 1998 film The World Is Not Enough contains the following dialogue. Duplicitous heroine Elektra King: “I could have given you the world”. Bond: “The world is not enough”. Elektra King: “Foolish sentiment”. Bond: “Family motto”. Well, it’s glib, but businesses in the global marketplace today, especially shipowners, will see the point.

End Of An Era

Globalisation changed shipping, previously an imperial service industry, and over the last 60 years it has become a world industry. With a fleet of 58,000 cargo ships carrying every description of goods the world needs, it depends on its customer and the customer is “the world”. So maybe it’s worth stepping back and checking out what “the world” is actually up to today, because it’s busy changing.

Wealth Of Nations

Over the last 50 years, shipping’s world has been propelled forward by a succession of countries which launched their economies into global trade. It began with Europe in the 1950s and Japan in the 1960s, and developed with South Korea and the Tigers in the 1970s and 1980s (not a good decade for trade though). Then after a pause in the 1990s, China took over, creating a new development boom. All built on merchant shipping.

Broken China?

The history of these economic dynamos demonstrates that the super-booms they create have a limited life. It happened to Europe, Japan and Korea. Unstoppable headlong growth is replaced by sluggish cycles. Now this seems to be happening to China. Over the last 18 months, China’s seaborne imports seem to have levelled out. Shipping was rescued from a similar plateau at the start of this decade by China’s heroic infrastructure program. But not this time, it seems. “The darkest cloud is property” said a recent Economist magazine article about China’s economy. Since 2008 debt has almost doubled as a % of GDP, and growing out of trouble is not a realistic option.

Structural Shift For Shipping

No doubt China will find ways to rebalance its economy, but for shipping the big problem is that the resource intensive growth phase could be over. With spare capacity in both the shipping and shipbuilding markets, the industry desperately needs a new trade dynamo. But there are few candidates. Since 2008 China has generated around 50% of the growth in seaborne trade. Europe and the USA have declined and the growth of the other regions is dwarfed by China (see inset graph). Whatever may happen in the long term, in the short term there are no obvious candidates for China’s job.

Sluggish For Shipping?

So there you have it. China’s heroic position as a seaborne importer is changing and the import slowdown may be structural, not cyclical. That could leave shipping with a hole in its demand-side dynamics. India, South America, South-East Asia, and Africa all have a part to play, but are still waiting in the wings. So if forecasters promise you the world, just remember James Bond’s family motto: the world is not enough. Have a nice day.

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