The calendar year 2008 turned out to be the one when the global economy and leading shipping markets finally turned down after a long period of strong growth. Stephen Matthews reviews how this was reflected in the statistical trends. Last year proved to be a momentous one for shipping reflecting the sharp deterioration in the global economy and financial crisis. The extended shipping market bubble that had been inflating since 2003 was finally pricked and burst in the second half of the year, at least for dry bulk and container shipping. In the tanker market the good times lasted a little longer, resulting in 2008 being a record year for crude oil tanker earnings. But here too there were signs that slowing demand for oil and Opec's decision to cut output were likely to affect the tanker market in 2009. Other niche shipping segments, such as car carriers, were also feeling the effects of wider economic and trade trends. This article reviews key trends in shipping markets through 2008 and the latest indicators for 2009.
展开▼
