#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Shipping Finance: Worst annual losses for largest maritime lender - HSH Nordbank, the world's largest maritime lender, revealed losses recently of €814 million for 2013, an 18% increase on 2012 losses. The Financial Times reported the reasons for the increase were raised loan loss provisions for the bank's sizeable shipping portfolio during the closing months of last year, in addition to the costs of €902 million for a state guarantee of €10bn from the German states of Hamburg and Schleswig-Holstein.
Irish Economy: Trade surplus increases on stronger exports -Ireland's trade surplus rose 4% in February as a result of stronger exports and the subsiding effects of the pharmaceutical patent cliff. Exports rose 1% (+€57mn) on a seasonally adjusted basis, compared with the previous month. Year-on-year figures meanwhile showed exports increased 3% (+€168mn) compared with February 2013, owing primarily to double-digit growth in food & live animal and essential oils exports.
Global Economy: WTO raise forecast for trade growth -The World Trade Organisation has raised its forecast for global growth in merchandise trade for 2014 to 4.7%, up from last September's estimate of 4.5%. The main drivers for this upward revision have been the accelerating global recovery combined with upturns in the US and key European economies. The raised forecast contrasted with the views of several trade economists who had instead predicted a downgrading of the earlier forecast of 4.5%, while the WTO acknowledge that "Downside risks to trade abound."
For more on each of the above and other stories click the downloadable PDF IMDO Weekly Markets Review (Week 16). In addition to coverage on Afloat.ie's dedicated Ports & Shipping News section.
