#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Irish Economy: Ireland exits recession - The Irish economy has growth once again, according to data from the CSO.
The economy grew by 0.4%in the second quarter of the year, although this was weaker than the 0.8% that many economists had forecast. In the first quarter, GDP fell by 0.6%. The growth in GDP was largely fuelled by a rise in exports and consumer spending.
Container Market: End to rate rises- Container rates rose for the second consecutive month in August, but a report from Drewry last week warned that it will not continue.
Drewry predict that the situation is likely to reverse towards the end of the year due to renewed weakness in trades from Asia. "Pricing on Asia origin trades has been buoyed by peak season volumes, but as the
trade enters the shoulder season still plagued by overcapacity, rates will come under renewed pressure,"Drewry predicted.
Newbuilding: Unseasonal August - August was an uncharacteristically good month for ship-buildersas many ship-owners took advantage of favourable pricing to invest heavily.
According to the latest report from shipbroker Golden Destiny, August ended with upward momentum in the second-hand and newbuild markets, while demolition activity declined.
For more on each of the above and other stories click the downloadable PDF IMDO Weekly Markets Review (Week 38). In addition to coverage on Afloat.ie's dedicated Ports & Shipping News section.
