#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Irish Economy: Manufacturing Improves - The Irish manufacturing sector showed continued growth in September, with the release of the Investec Manufacturing Purchasing Managers Index (PMI) highlighting a 14-month high figure of 52.7 points, up from 52.0 in August. New orders, down 0.1 points from a 13-month high of 53.6 in August, recorded continued growth in both domestic andexport markets, leading to the rise in overall production during the month.
Container Market: Panamax Vessels Threatened by Cascading - The Panamax container market may experience overcapacity according to Lloyd's List if other carriers follow Maersk's lead to replace chartered tonnage after cascading its Triple-E 18,270 TEU capacity vessels. Cascading is the process of moving larger vessels from main trade routes onto smaller trade routes as they are displaced from the main trade routes by the entrance of even larger ships.
Finance: Dedicated Shipping Bank - Solace for second-tier shipowners has arrived as a group of shipping executives have launched the Maritime and Merchant Bank in Oslo, claiming the industry needs a financial institution to fill the void created by the main banks and lenders leaving the shipping market, due to the economic squeeze and new Basel III capital requirements. The bank has targeted capitalization of about $300m through an IPO next year.
For more on each of the above and other stories click the downloadable PDF IMDO Weekly Markets Review (Week 40). In addition to Afloat.ie's dedicated Ports & Shipping News section.
