#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Irish Economy: Manufacturing rises-Irish manufacturing saw its first improvement in four months during June, according to the latest monthly purchasing managers' index, which increased from 49.7 points to 50.3 points. The 50+ reading was largely anticipated, but wider positivity among respondent companies has led commentators to suggest the sector's growth might be sustainable.
EU Shipping Industry: Proposals welcomed -European shipowner and port bodies have welcomed the EC's proposals to ease customs formalities at EU ports, according to Fairplay. The scheme would put the proposals in place as of 2015, as part of an attempt to streamline port functioning to move toward a single EU shipping market. The moves would upgrade further an existing simplified customs regime available to intra-EU shipping lines.
Dry Bulk Market: Vessel prices -Rising prices for second-hand dry bulk vessels point to a turnaround in the industry, according to Market Realist. During May, the average prices for 15-year-old panamax, handymax/supramax, and handysize ships rose to an eight-month high. As companies can sell and purchase 15-year-old ships in the market right away - unlike new builds - price movements in 15-year-old ships reflect market fundamentals.
For more of the above visit the IMDO Weekly Markets Review (Week 27) and also on Afloat.ie's dedicated Ports & Shipping News section.