BIMCO (Baltic International Maritime Counsel) warned that shipping faces continued challenges after the IMF downgraded the global economic outlook for 2015 and 2016.
BIMCO (Baltic International Maritime Counsel) the world’s largest international shipping association said the IMF cut its forecast by 0.3% for both years, to 3.5% in 2015 and 3.7% in the following 12 months.
BIMCO's chief shipping analyst, Peter Sand said: “The downward adjustment was expected, but it hits hard nonetheless. The global shipping industry needs much stronger support from the demand side to gradually improve the situation of too many ships chasing too few cargoes. Owners cannot rely on external factors and had to influence the situation themselves. Slow-steaming and scrapping as effective methods of shifting the balance in owners’ favour.
Another negative factor for shipping is the uncertainty originating from Russia. The lower oil price is good for shipping as well as for the oil importing countries as it bring costs down and boost demand, whereas the lower Chinese growth rate affects the entire intra-Asian trades negatively.”