Europe, China Economic News Challenges Shipping Demand

Posted by Michelle Howard
Monday, May 05, 2014

The global economic recovery continues along the rather bumpy lines described in the most recent report on macro economics from BIMCO.



Chief Shipping Analyst at BIMCO, Peter Sand, said, "Economic data coming in today dampens optimism for the Euro zone a bit. A lower of level of GDP growth and inflation is affecting shipping demand slightly negatively. However, the outlook for the manufacturing sector in the Euro zone continues to improve"



EU reduces Euro growth forecast as inflation seen to slow
Bloomberg reported, The European Commission trimmed its economic growth forecast for the Euro area and predicted low inflation to remain a threat to expansion for at least the next two years.

 

The 18-nation Euro zone’s gross domestic product will rise 1.7% in 2015, compared with a February prediction of 1.8%, the Brussels-based commission said today. The inflation rate will be 0.8% this year and 1.2% in 2015, both lower than previously forecast and well below the European Central Bank’s target of just below 2%.

 

Eurozone manufacturing recovery broadens in April
Chris Williamson, Chief Economist at Markit, said, “The Eurozone PMI paints a promising picture for the region’s manufacturers at the start of the second quarter.” He continued, “It remains to be seen whether this strengthening of demand will feed through to more pricing power, which remains weak due to the widespread existence of spare capacity and high unemployment in many countries. With factory gate prices falling for a second month running, policymakers will remain concerned about deflationary forces.”



Chinese manufacturers signalled a further deterioration in overall operating conditions during April.

“On the opposite side of the globe, the slowing down of Chinese growth in the manufacturing sector continues. April data on Purchasing Managers Index improve marginally (48.1 in April up from 48 in March) but remains in the area of contraction. This too indicates a soft patch in shipping demand,” Sand added.
 


Commenting on the China Manufacturing PMI  survey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said, “The final reading of the HSBC China Manufacturing PMI stabilised at 48.1 in April, up slightly from 48.0 in March, and revised down from an earlier flash reading of 48.3. The latest data implied that domestic demand contracted at a slower pace, but remained sluggish. Meanwhile, both the new export orders and employment sub-indices contracted”. He continued: “Over the past few days, Beijing has introduced more reform measures, which could support growth by inducing more private sector investment. We think bolder actions will be required to ensure the economy regains its momentum.”

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Baltic Dry Bulk Index Dips on Weak Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued to dip on Wednesday due to sluggish demand across vessel segments.

Two ODCs Loaded at Hamburg Port

On 25 April, two Over-Dimensional-Cargos (ODC) tanks manufactured by Chart Ferox were loaded by Wallmann & Co., the long-established Hamburg company specializing in handling heavy lift cargoes.

BIMCO: Dry Bulk Recovery Will be a Multi-Year Effort

In an exclusive interview with “Akti Miaouli” newspaper, BIMCO Chief Shipping Analyst, Peter Sand, provides insight into the markets for dry bulkers, tankers and

Finance

Transocean Posts Quarterly Profit on Cost Cutting

Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.

Oil Turns Lower after US Crude Build

A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

News

Transocean Posts Quarterly Profit on Cost Cutting

Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.

Fisherman Medevaced off Gloucester Coast

A U.S. Coast Guard crew medevaced a 47-year-old fisherman suffering from chest pains off the coast of Gloucester, Mass.   Watchstanders at Sector Boston’s command

Port of Oakland Boosts Night, Weekend Work

Subsidy extended, largest marine terminal adds functions to night gates   A $1.5 million subsidy program to stimulate night and weekend business at the Port of Oakland has been extended.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1182 sec (8 req/sec)