The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 is shaping up to be another year of die-hard competition, which now includes tankers. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to recover. The dry bulk sector needs to copy that approach.
GLOBAL ECONOMY: NOT LENDING SHIPPING A HAND
The longer global economic growth remains weak and lacks investment, the lower future growth potential for shipping. For eight years, the world has struggles to cope with huge changes and challenges brought around by the crash of the financial market in 2008. The resulting issues have not always been dealt with in the best way, leaving many large economies still in 'recovery ‘mode.