Pre-pandemic market

Idle Tonnage Fleet Set To Soar Next Year As Charter Rates Tumble

Credits: Markus Winkler/ Unsplash
  • Euroseas Shipping, a Greece-based non-operating owner (NOO), acquired the ship for just $10m in December 2019
  • When the freight market went sharply into reverse, average daily hire rates for panamax containerships slumped to about $20,000 a day.
  • With ocean carriers starting to lay-up their chartered-in vessels, Synergy Oakland has been ‘awaiting orders’ at anchor off Ningbo since 19 December.

Just 12 months ago, the 2009-built 4,253 teu Synergy Oakland was...

https://mfame.guru/idle-tonnage-fleet-set-to-soar-next-year-as-charter-rates-tumble/

IMF Forecasts A Worse Recession Amid COVID Crisis

The International Monetary Fund updated its predictions for the COVID-19 recession June 24, saying its April prediction was not severe enough, reports Industry Week.

GDP expected to shrink

The IMF now anticipates the global economy to contract by 4.9% in 2020, or 1.9 points more than it expected in April. The GDP of advanced economies, including the United States, are expected to shrink by a crushing 8.0%.

Depending on how the pandemic evolves, the updated forecast anticipates persistent social...

https://mfame.guru/imf-forecasts-a-worse-recession-amid-covid-crisis/