FITCH Ratings has downgraded its outlook for the
shipping industry in 2016 to negative from stable in 2015 due to muted global
trade growth and the economic slowdown in emerging markets like China.
Fitch said
that bunker prices, which in some of the primary ports in recent days have
dropped to their lowest in over 11 years, along with slow steaming, idling, and
the cancellation of sailings will all help profitability for shipping next
year, but that "these measures are insufficient to lead to a protracted
recovery," reports Vancouver's Ship & Bunker.
"Rigorous
capacity discipline along with a pick-up in demand would be necessary to reach
a sustained equilibrium," it said.
Shipping
capacity is expected to increase by six per cent in 2016, outpacing growth in
demand of three to 4.5 per cent, which is likely to result in declining and
volatile freight rates.
Fitch said
that slowing economic growth in China is a particular risk to shipping as the
nation represents two-thirds of global iron ore imports and 20 per cent of
world coal imports.
Source :
HKSG.
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