International Monetary Fund News

20 Apr 2020

Japan Exports Slump as Coronavirus Hits Demand

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Japan's exports slumped the most in nearly four years in March as U.S.-bound shipments, including cars, fell at the fastest rate since 2011, highlighting the damage the coronavirus pandemic has inflicted on global trade.Monday's bleak data underscored the challenges Prime Minister Shinzo Abe's government faces in dealing with a collapse in activity that is expected to send the global economy into its deepest slump since the Great Depression of the 1930s.After a jump in virus cases…

24 Mar 2020

Shipping Industry Urges G20 to Keep Freight Flowing

© Image'in / Adobe Stock

Ships and their crews must be able to trade freely with minimal port restrictions to ensure supply lines don't freeze up while the coronavirus shuts down much of the globe, shipping and port officials said on Tuesday.After draconian steps to stop the spread of the virus, China's economy is slowly coming back online but logistics chains are backing up in other parts of the world.This has been compounded by ships being quarantined for up to two weeks and seafarers held up as countries impose lockdowns to stop the spread of the virus.The International Chamber of Shipping (ICS) association…

21 Mar 2020

IMF: Global Impact of COVID-19 will be Severe, but Temporary

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As many markets struggle to find their footing in the face of the global COVID-19 pandemic, a recent podcast with Martin Muhleisen, director of the IMF's Strategy, Policy, and Review department, helps to lend insight and perspective from the view of the International Monetary Fund.Muhleisen  said the impact of the global coronavirus pandemic will be “quite severe,” but temporary, saying that the overall good health of the world economy and high employment rates should help to provide buffers to blunt the impact“I would think that financial institutions more broadly are in a better shape than…

19 Mar 2020

Shipping Not Immune to a Pandemic -BIMCO

© donvictori0 / Adobe Stock

The World Health Organization (WHO) has declared the outbreak of the novel coronavirus a pandemic. There is little doubt that this will have significant implications for the shipping industry. But to what extent? BIMCO expects that the strict containment measures imposed by governments around the world will result in substantially lower global economic growth and consequentially, lower demand for shipping. Container and dry bulk shipping are at the front line when it comes to feeling the fallout…

16 Oct 2019

BIMCO’s Sand to Offer Boxship Insight in Athens

Caption: Accumulated container volumes on the Far East – Europe trade lane are up 4.6% y-o-y. The CCFI has fallen to an index level of 987, down -9% from the same period last year. 2 (Chart: BIMCO)

BIMCO’s Chief Shipping Analyst, Peter Sand, will be speaking and providing the audience with unique insights on the container market at the European Shipping Seminar on November 27, 2019 in Athens, Greece.The European Shipping Seminar, hosted by S&P Global Platts, will discuss the various topics relating to the commercial shipping markets and take a deep dive into how the shipping industry will navigate its way through the uncertain environment of the IMO 2020 Sulphur Cap.Container shipping outlookBIMCO has persistently stressed that trade wars and protectionism are negative for shipping.

28 May 2019

Seaborne Box Trade to Remain Flat: MPC

Image: MPC Container Ships ASA

Growth in global seaborne box trade is expected to remain largely constant in 2019, with Non-Mainlane trade being an important driver while Mainlane trades expected to expand only moderately, said Norway-based MPC Container Ships ASA.In particular, the pace of global manufacturing remains a cause for concern as growth rates in Europe and Asia have been disappointing, the owner and operator of container ships said in a stock exchange annoucement.Present year container trade is estimated to grow by about 3.6%…

04 Sep 2018

Greek Seamen End Strike after Reaching Deal on Wage Increase

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Greek seamen on Tuesday called off a strike that had kept ferries and passengers stranded in ports around the country, after reaching a deal with employers on a wage increase.The strike, which started at 0600 (0300 GMT) on Monday, was led by the PNO seamen's federation and other unions including dockers and merchant marine engineers.The PNO had initially planned to continue the strike to Wednesday but said it would end it after reaching an agreement with employers on a 2 percent pay rise this year, its members' first increase for eight years.The walkout forced many holidaymakers to seek altern

24 Jul 2018

Maersk: India Recording a 14% Upturn

Photo: Maersk Line

India´s containerized trade with the BRICS´ nations trademarks a rise of 14 percent. Export trade from India to Brazil, China, Russia and South Africa in Q1 2018 increased 7,5 percent YOY from same period last year. South Africa turned to be Indian´s top trade partner.BRICS EXIM trade registers steady growth of 1.5 percent in Q1 2018 compared to Q1 2017. “Last year, the BRICS´ joint contribution to the world economy was 23.6 percent, and according to the International Monetary Fund’s predictions this is set to rise to 26.8 percent by 2022.

31 May 2018

Container Shipping Shakeup Needed for Higher Rates

(Photo: Eric Haun)

Container shipping: Change required for higher ratesDemandThe growing imports of loaded containers into the U.S. East Coast (USEC) continues to be a focal point for the container shipping industry. Growing by 10.4 percent in Q1-2018, the first three months saw 215,000 TEU more entering the USEC than in Q1-2017. Exports grew by 55,000 TEU in the same time span, growing outbound loaded containers by 3.8 percent.This illustrates the constantly changing imbalance in U.S. foreign trade. For every five containers entering the USEC in 2013, four were exported.

31 May 2018

US Hits EU, Canada and Mexico with Steel, Aluminum Tariffs

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The United States on Thursday said it will impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union, reigniting investor fears of a global trade war as Washington's allies took steps to retaliate against U.S. goods.The move, announced by U.S. Commerce Secretary Wilbur Ross in a telephone briefing on Thursday, ended months of uncertainty about potential tariff exemptions and suggested a hardening of the Trump administration's approach to trade negotiations.It also sent a chill through financial markets…

30 May 2018

Macroeconomic Trends Signal Good News for Shipping

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The current global economic growth (GDP) looks like it may be as good as it gets, with indicators across the globe signaling healthy expansion, but at a slower pace compared to the levels seen in the last half of 2017.Global economic growth seems on track to reach its highest level since 2011, as the International Monetary Fund (IMF) maintain its projection for the world GDP at 3.9 percent and expects the global economic growth to be supported by a strong momentum, favorable market sentiment and accommodative financial conditions in 2018 and 2019.

11 May 2018

Yang Ming Marine Transport Corporation Reports Higher Revenue

Photo: Yang Ming Marine Transport Corporation

Yang Ming Marine Transport Corporation said that the consolidated revenues of Q1 totaled NTD 31.03 billion (USD 1.07 billion), up 2.58% compared with NTD 30.25 billion (USD 1.04 billion) in revenue from previous year. The company’s net loss, after tax, was NTD 1.95 billion (USD 67 million), EPS NTD-0.75. Volumes in 2018 Q1 also increased to 1.22 million TEUs, up 9% year over year. Under an improving container shipping market, Yang Ming has returned to profitability last year.

18 Apr 2018

Greek Ferries Idled as Mariners Strike

File Image: A Piraeus Passenger Terminal. (CREDIT: AdobeStock / © AnastasiiaUsoltceva)

Greek ferries remained docked at the country's ports on Wednesday as seamen, marine engineers and ship cooks walked off the job to protest against planned government reforms which they say will further hurt their labour rights. The 24-hour strike was organised by Greece's seamen federation (PNO), which said the leftist-led government was preparing a reform allowing non-European flagged transport ships to sail in Greece, leading to job losses for Greek crews. The reform is coming on top of pension cuts, rising unregistered labour and work without any insurance, PNO said.

29 Jan 2018

Tanker Outlook: McQuilling Publishes 2018-2022 Report

© Miffynam / Adobe Stock

In 2017, global ton-mile demand to transport crude and residual fuels increased by 5.4 percent, supported by a 4.9 percent increase in VLCCs (which accounted for 62 percent of the total demand for dirty tankers), according to McQuilling Services’ 2018-2022 Tanker Market Outlook report. Suezmax demand meanwhile accounted for 24 percent of all DPP demand in 2017, 1 percent higher than 2016 due to higher crude exports from the Southern Europe and North Africa load region towards the Asian refinery complex.

14 May 2017

Container Shipping Demand Remains Good: Hapag-Lloyd

Photo: Hapag-Lloyd

In the medium term, demand for container shipping services should continue to rise in tandem with expected ongoing growth in global trading volume, says Hapag-Lloyd. As a result, the container shipping industry’s medium-term growth prospects remain intact, says the company in its investor outlook for 2017. In its latest economic outlook (April 2017), the International Monetary Fund (IMF) expects global economic growth to reach 3.5% in the current year. This forecast means that the global economy is set to grow at a slightly faster rate in 2017 than in the previous year (+3.1%).

21 Apr 2017

Norway First to Ratify Hazardous Cargo Treaty

Dilek Ayhan, State Secretary in the Norwegian Ministry of Trade, Industry and Fisheries, hands over the instrument of ratification of the 2010 HNS Protocol to Kitack Lim, Secretary-General, IMO. (Photo: IMO)

Norway has become the first country to become a contracting state to a key compensation treaty covering the transport of hazardous and noxious substances (HNS) by ship. The International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea, 2010 (2010 HNS Convention), when in force, will provide a regime of liability and compensation for damage caused by HNS cargoes transported by sea, complementing existing regimes already in force for the transport of oil as cargo…

02 Jan 2017

BIMCO: What Shipping Market can Expect for 2017

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The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to recover. The dry bulk sector needs to copy that approach. The longer global economic growth remains weak and lacks investment, the lower future growth potential for shipping.

02 Jan 2017

Bimco Expects 'Die-hard Competition' to Continue in 2017

Photo: World Shipping Council

2017 will see another year of die-hard competition, which now includes tankers, says International shipping association Bimco. The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to recover. The dry bulk sector needs to copy that approach«. Bimco said in market outlook released today.

25 Jan 2017

Container lines earned $42 less per TEU

Notes US Trade based on USD per forty foot unit' -FEU

The container shipping lines received an average rate 7% (USD 42) lower in 2016 than in 2015, if they operated in the spot market on all Shanghai Containerized Freight Index (SCFI) trade routes. This has primarily been due to the devastating low rates received in the first half of 2016, as the average rate received in H2 2016 was 22% higher than the rate received in H2 2015. The freight rates managed to gain momentum through second half of 2016, due to measures taken from the shipping lines in terms of network optimisation, scrapping and more careful deployment around the peak season.

18 Apr 2017

New Quetzal Terminal Welcomes CSAV Traiguen

Photo: APM Terminals

The 8,600 TEU capacity CSAV Traiguen became the largest container ship to call a Guatemalan port when it arrived at Terminal de Contenedores Quetzal (TCQ) on Guatemala’s Pacific Coast on April 12th, 2017, on the maiden call of German-based Hapag-Lloyd’s Mediterranean Pacific (MPS) service. The previous record of 5,500 TEU was established just a month ago with the arrival of the Maersk Gironde into TCQ on March 26th. TCQ, which was acquired by APM Terminals in March 2016 while under construction, opened for operations earlier this year, with the first trial vessel call completed in February.

02 Aug 2016

Just One Bid for Greece Rail Project

Greece has received only one bid to build and run a new rail freight terminal outside Athens, a project it has been trying to get underway for years, the country's transport ministry said on Tuesday. The bid is from ETBA, a unit of Greece's Piraeus Bank which develops and manages industrial parks, in collaboration with Goldair, a domestic firm offering cargo and logistics services, the ministry said. The selected investor will build and operate the terminal at Thriasio for 60 years under a 250 million-euro ($280 million) investment plan which will create a new rail freight transport hub linking up with Greece's largest port of Piraeus.

18 Aug 2016

First Oil from TEN Fields off Ghana

Photo: MODEC

Ghana began pumping crude from a second offshore field operated by British company Tullow Oil on Thursday, hoping the additional revenue will boost its flagging economy. The Tweneboa, Enyenra and Ntomme (TEN) field expects to average around 23,000 barrels per day (bpd) in 2016, eventually reaching 80,000 bpd along with associated gas to be harnessed to ease a domestic power deficit. President John Dramani Mahama opened the valves on the $1 billion Floating Production, Storage and Offloading vessel, the Prof John Evans Atta Mills, named after Ghana's former president who died in 2012.

02 Oct 2016

Evacuations in Guantanamo, Haiti as fierce Hurricane Matthew looms

Image U.S. National Hurricane Cente

The United States prepared to airlift hundreds of people from its Guantanamo Bay naval base as the most powerful cyclone to form over the Atlantic since Hurricane Felix in 2007 ground slowly towards Jamaica, Haiti and Cuba. Haiti also began evacuating residents by boat from outlying islands in preparation for Hurricane Matthew, which threatens to wreak widespread damage in the region with flash floods and winds at about 150 miles per hour (240 kph). Matthew is expected to make landfall as a major storm on Jamaica's southern coast, home to the capital, Kingston, and its only oil refinery.

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