World Shipping at Risk as China Weakens


The global six-year economic expansion could come to a grinding halt, with world shipping falling into a slump over the summer period of 2015 with the Chinese economy stultering, according to The Telegraph.

It was previously reported that global shipping was at risk of bankruptcy, with a number of lines being urged to sell their assets in order to survive in a hostile global marketplace.

The Chinese economy is in deeper trouble than was previously thought, which could prove to be a crippling prospect for exporters of raw materials and for trade competitors in Asia.

The recent shocking explosion in Tianjin that took over one hundred Chinese lives has also led to further stalls and distrust in the supply chain.  

Data from the Port of Hamburg released on Monday shows how much damage a currency surge may be doing to Chinese companies.

Axel Mattern, CEO of the Port of Hamburg Marketing, said: “During the first six months of the year the euro was on average is 19% lower than the yuan, making purchase of Chinese goods costlier for European importers.”

Global shipping was also said to be at risk following the increase in overcapacity, combined with issues such as low growth speed and being lethargic in terms of speed of recovery.

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