Allied Shipbroking – Shipping Market Report – Week 26 (2015)

30 June 2015

allied_shipbroking_logo_150x92The Weekly Shipping Market Report for Week 26 (22nd – 26th June 2015), as supplied to us by Allied Shipbroking:

With a dark hour dawning on the Greek issue in Europe, the markets started off the week in great turmoil, with most major stock markets starting off the week in the red, while the spread on government bonds for several major developed economies spiking on fears of defaults caused by any domino effect. Despite the negligible stake that Greek holds on global trade, the significant impact these recently unfolding news has on Europe as a whole coupled with knock on sentiment it brings about on other major economies, brings about an extra sense of uncertainty on an already difficult market (at least in the case of dry bulk vessels).

Yet the direct effects from the big news coming out of Greece seems to be more relevant to the aspects of shipownership and ship financing. With Greek controlled shipping holding one of the largest shares within the global trading fleet, the recent shift in requirements by the lenders towards Greece in respect to making changes both in terms of tonnage tax as well as with regards to the special tax status of commercial shipping within Greece has been the cause of great concern. In reference to this, many in the industry have pointed out that this is a purposeful targeting of Greek shipping through unfair treatment while trying to decrease their competitiveness compared to other European shipowners (which already receive much higher special privileges) as well as shipowners based elsewhere around the world. Any changes made to this regard, while in combination with the ever growing difficulties of basing your operations from within Greece (especially in the case where the end result of these most recent developments push for an exit out of the Eurozone or even out of Europe), would mean that you would see a strong exodus of the major…

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1 Comment

  1. rivorazap.science

    Container ship market has been building up momentum over the past few weeks and that trend is only going to keep on rising, as we come closer to the third quarter of the year, which is typically the more aggressive one in the year.

    Reply

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