Displaying items by tag: Enterprise Ireland
Enterprise Ireland-backed companies which won new contracts declined by 12% in the first half of 2020 due to Covid-19 with this year described as "very challenging" for Irish exporters.
As the Irish Examiner writes, the state agency responsible for helping Irish companies export to international markets said Covid-19 has had a negative impact on order books and international market confidence. Approximately 1,000 client companies are impacted by the pandemic with 75% reporting that their exports have been impacted by Covid-19 and more than half saw a negative impact on cash flow. 300 companies are very exposed with high levels of exports to the UK.
The agency has warned that challenging conditions will continue to impact exporters who will face the dual challenge of both dealing with the Covid-19 impact on their business and also the impending January 1st Brexit deadline.
For 2019, Enterprise Ireland reported strong levels of export performance by its client companies, up 8% to €25.6bn. Last year, exports to the Eurozone region saw record growth of 15% to €5.6bn, while exports to North America increased by 16% to €4.7bn last year.
More on the export sector here.
#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Irish Economy - Irish firm's exports up: Irish companies supported by Enterprise Ireland have reached record export levels in 2012, breaking the €16 billion mark for the first time. According to figures from Enterprise Ireland and the Department of Jobs, Enterprise and Innovation, there was a 6.6 per cent increase from the previous year, with exports totaling €16.2 billion.
Container Market -Service changes: Shippers should prepare for service changes and the blanking of sailings in the next few weeks as rates continue to decline sharply and carriers are forced to take action, according to SeaIntel chief Lars Jensen. Speaking at Containerisation International's Global Liner Conference, Mr Jensen said that oversupply of capacity had resulted in spot rates on services from Asia to Europe declining by around $60 per teu each week this year.
Dry Bulk Market -China to push rates up: Chinese demand for dry bulk imports, including iron ore and coal, is expected to lift freight rates from July onwards, according to Pareto Securities AS. Nicolai Hansteen, chief economist at Pareto Shipping, who spoke at the Scandinavian Shipping and Ship Finance Conference.
To read more of each of the above stories and other news from the IMDO Shipping Markets Review for Week 16, click HERE to be viewed or downloaded as a PDF
In addition the OPV delivered medical supplies on her visit to Riga, the Latvian capital, where the cargo was transported in aid of the Chernobyl Children's Project based in Belarus.