BIMCO Shipping Market Outlook & Overview September 2020 / Tankers and Macroeconomics
This is BIMCOs Q3 Shipping Market Outlook & Overview – September issue.
Today: tankers and macroeconomics, tomorrow: bulkers and containers and on Thursday, live on our YouTube Channel – an interactive webinar.
Macroeconomics: a slow and uneven recovery awaits
After the sharp and sudden shock of the pandemic, the economic recovery has begun and it is clear that it will be drawn out and uneven, both geographically and by sector. Though China has returned to growth, most other countries are lagging behind. Huge stimulus packages have so far been enough to prop up some parts of the economy. However, these are not magic pills, and, with the virus still spreading, a global recovery is some way off.
Overview:
Many nations across the world recorded their largest recorded drops in economic activity in the second quarter of the year. Many had double-digit drops and some saw more than a fifth of their economy disappear. For many of these countries, the large Q2 gross domestic product (GDP) drops came after smaller contractions in Q1 – which, combined, has left large parts of the world in a recession. Even as the pandemic continues to spread at an elevated rate, and a trusted vaccine appears months – if not years – away, most governments have eased
Outlook:
In many of the world’s major economies, spending power has remained stable or even increased over the course of the pandemic, primarily as a result of the massive stimulus measures put in place by many governments. This increase in spending power did not
Tanker shipping: freight rates back at loss-making levels after 12 very profitable months
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil production and demand sets in across the globe. Only China bucks this trend with record-high crude oil imports, benefiting from the low oil price. Given the global recession and lower transport demand, however, the tanker industry is set for some challenging months.
Demand drivers and freight rates
Crude oil and oil products were among the commodities most affected, most quickly, by the lockdowns around the world. In its latest forecast …
Fleet news:
In contrast to the other major shipping sectors, the crude oil tanker sector has seen very little demolition in the first six months of the year. In fact, only seven
Outlook:
Despite tensions between the US and China ratcheting up in previous months, there was progress made on the Phase One trade agreement, with record-high US crude oil exports to China in May, when 5.1m tonnes was exported. China remained
Free LIVE Q3 Market Analysis Webinar on Thursday 10 September at 10am CET
The webinar will be transmitted via Youtube Live:Â https://www.youtube.com/c/bimcovideos/channels
Tankers – 10.00-10.30 CET
Dry bulk – 10.30-11.00 CET
Containers – 11.00-11.30 CET
The webinars are free and do not require BIMCO membership.
The webinars will also be available on the BIMCO website and the BIMCO Youtube Channel.
If you would like to provide questions in advance, please send them to PR@BIMCO.org
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BIMCO2020-September Outlook -Tanker_Shipping
BIMCO2020-September Outlook -Macroeconomics
