Menu

Ireland's sailing, boating & maritime magazine

IMDO Shipping Review: Ireland Exits Recession, End to Container Rates Rise, Newbuilding Unseasonal Boost and much more

26th September 2013
IMDO Shipping Review: Ireland Exits Recession, End to Container Rates Rise, Newbuilding Unseasonal Boost and much more

#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.

Irish Economy: Ireland exits recession - The Irish economy has growth once again, according to data from the CSO.

The economy grew by 0.4%in the second quarter of the year, although this was weaker than the 0.8% that many economists had forecast. In the first quarter, GDP fell by 0.6%. The growth in GDP was largely fuelled by a rise in exports and consumer spending.

Container Market: End to rate rises- Container rates rose for the second consecutive month in August, but a report from Drewry last week warned that it will not continue.

Drewry predict that the situation is likely to reverse towards the end of the year due to renewed weakness in trades from Asia. "Pricing on Asia origin trades has been buoyed by peak season volumes, but as the
trade enters the shoulder season still plagued by overcapacity, rates will come under renewed pressure,"Drewry predicted.

Newbuilding: Unseasonal August - August was an uncharacteristically good month for ship-buildersas many ship-owners took advantage of favourable pricing to invest heavily.

According to the latest report from shipbroker Golden Destiny, August ended with upward momentum in the second-hand and newbuild markets, while demolition activity declined.

For more on each of the above and other stories click the downloadable PDF IMDO Weekly Markets Review (Week 38). In addition to coverage on Afloat.ie's dedicated Ports & Shipping News section.

 

Published in Ports & Shipping
Jehan Ashmore

About The Author

Jehan Ashmore

Email The Author

Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals. 

We've got a favour to ask

More people are reading Afloat.ie than ever thanks to the power of the internet but we're in stormy seas because advertising revenues across the media are falling fast. Unlike many news sites, we haven't put up a paywall because we want to keep our marine journalism open.

Afloat.ie is Ireland's only full-time marine journalism team and it takes time, money and hard work to produce our content.

So you can see why we need to ask for your help.

If everyone chipped in, we can enhance our coverage and our future would be more secure. You can help us through a small donation. Thank you.

Direct Donation to Afloat button