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IMDO Weekly Review: Irish Agri-Foods Reaching €12bn Goal, Newbuilds Two Year High, Container Rates Slump

25th June 2013
IMDO Weekly Review: Irish Agri-Foods Reaching €12bn Goal, Newbuilds Two Year High, Container Rates Slump

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

Irish Economy: Agri-food exports - Irish agri-food will meet its goal of reaching €12bn annual exports by 2020, according to Irish Exporters Association chief executive Colin Lawlor. Irish food and drink exports have grown 26% in the last three years, totalling a record €9.2bn in 2012. The sector now accounts for about 10% of total exports. Mr Lawlor said agri-food is one of Ireland's most important indigenous manufacturing sectors, accounting for the employment of some 160,000 people.

Newbuilding: Two year high - Newbuilding orders reached 222 ships totalling over 15m dwt in May, a level not seen since May 2011, Fairplay reported last week, quoting shipbroker Golden Destiny. Invested capital exceeded $11.8Bn, although the contract price was not revealed for 85 orders, the shipbroker said.

Container Market: Rates slump - Global freight rates fell by 9% in May, marking a 17-month low, according to Drewy's Global Freight Index. While the bulk of the fall-off stemmed from weakness on the east-west routes and particularly westbound rates on the Asia Europe trade lane, poor load factors led rates to weaken on other major trade routes as well. Bucking the trend, however, was the Intra-Asia market, which remained stable over the month.

For more of the above visit the IMDO Weekly Markets Review (Week 25) and also on Afloat.ie's dedicated Ports & Shipping News.

Published in Ports & Shipping
Jehan Ashmore

About The Author

Jehan Ashmore

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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. 

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