THE Bank of Finland
estimates GDP growth is expected to slow down 0.7 per cent due to the US-China
trade war that began in March 2018 after the US introduced sanctions on Chinese
steel imports at 25 per cent, reports London's Ship Technology.
Global investments and manufacturing purchasing indices
have also been hindered by tariffs, causing volatility in share prices
worldwide.
Greater freight rate volatility was one result from the
trade war. Drewry senior manager for container research Simon Heaney stated
that transpacific prices increased throughout 2018 as cargo owners tried to
move shipments before deadlines, while Vietnam saw massive price increases in
the US market.
"Transpacific rate volatility settled down in 2019,
but after Covid-19 arrived, transpacific rates went into the stratosphere from
June 2020 due to a combination of factors, including higher-than-expected US
demand and shortages of available ships and equipment," said Mr Heaney.
BIMCO shipping analyst Emily Hannah Stausboll
stated tanker shipping was one of the sub-sectors that saw a big change because
of the increase in tariff prices.
"Also, the pulling out of the Iran nuclear deal and
higher tensions with Iran have caused ripple effects in the tanker
market," said Ms Stausboll.
Source : HKSG / Photo : Wikipedia.
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