IMDO Weekly Review: Irish Manufacturing Rise, Short-Sea Sector Subdued and Container Rates Unlikely to Drop

2nd July 2013

#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.

Irish Economy: Manufacturing rises - Manufacturing activity grew slightly for the first time in four months in June, according to the Investec Manufacturing Purchasing Managers' Index. However, the survey showed that new export orders fell faster in June. The sub-index measuring orders from abroad fell to 48 in June from 49.3 in May, the second-lowest reading since 2009.

Short Sea Market: The short sea European bulk market was steady last week, according to H.C Shipping & Chartering's latest report. After the preceding flurry of activity, it was inevitable that momentum would not be sustained, leading this week to be noticeably more subdued. This was evident both from spot demand and to lesser extent spot supply.

Container Market: Rate turnaround - Container shipping costs are unlikely to drop any further, having sunk to the level they were at the last freight rate trough, and may be about to rise as carriers seek to restore profitability with a rates hike in July, according to Drewry. Average global freight rates fell to a 17-month low last month, according to the shipping consultant's new online Container Freight Rate Insight.

For more of the above visit the IMDO Weekly Markets Review (Week 26) and also on Afloat.ie's dedicated Ports & Shipping News section.

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About The Author

Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals.

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