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Projected oil demand continues to slide, with growth entirely driven by non-OECD countries. OECD-demand is expected to contract by 0.4 million barrels per day (mb/d) this year and 0.1 mb/d in 2012. The 2012 forecast by IEA leaves little room for optimism, as the current estimate is as low as 1.7% (1.5 mb/d)
Chief Shipping Analyst at BIMCO, Peter Sand, chaired and spoke this week at the 3rd European Dry Bulk Shipping Market Outlook Conference in Istanbul
While the workhorses in the Panamax and Supramax segments performed in line with the BIMCO forecast – hovering around USD 15,000 per day – Handysize vessels performed slightly worse than expected, tipping their toes just South of the USD 10,000 per day. On the very positive side,
2011 started out with a lot of optimism fuelled by a surprisingly better-than-expected growth in the second half of 2010. As the year has progressed it has turned into a paradise lost rather than the sustainable recovery we were all hoping for. Since the January issue of World Economic Outlook was released, IMF has reduced the growth expectations for the Global GDP and now expects only 4.0% growth in 2011. If this forecast holds true, it will be the slowest global growth since 2003 – if you discard the crisis-years of 2008 and 2009. Slashing not only its 2011-estimate, the 2012 outlook has been further lowered, cutting a 0.5%-point off the previously expected 4.5%. Growth is not only slowing down, it is also more unevenly distributed. The growth in advanced economies is now set for 1.6% as compared to an estimate of 2.4% 20 months ago. In contrast, Emerging and Developing economies are up 0.1 to reach 6.4 as compared to 20 months ago.
On 12 April 2016, the International Monetary Fund (IMF) released its updated World Economic Outlook stating that future economic prospects are now so poor that an immediate, proactive response is called for.
After lower than expected growth in the first half of 2014, the IMF has once more lowered its GDP growth forecast for 2014 and 2015.
The economic news from China this morning was somewhat comforting, but highlights the fact that economic activity in the world’s largest economy is certainly slowing down.
The International Monetary Fund (IMF) has downgraded its global growth projection from 3.7% in April to 3.4% in July. The adjustment is primarily due to the large negative result in the US in the first quarter of the year. The IMF stressed that this is now behind us – and it therefore sticks to its 2015 projection with an unchanged growth level of 4.0%.
For the demand side to reap the full benefits of this possible global upturn, globalisation must be embraced and the gains from open trade must be a key focus of the policymaker's agenda, replacing any inward-looking policies
The latest edition of this clause is the Piracy Clause for Time Charter Parties 2013.
