Source: Best Oasis Best Oasis added that “global growth forecasts for 2024 have been upgraded, reflecting increased confidence in Europe’s recovery, a rebound in China’s export potential, and stronger domestic demand in emerging markets, excluding China. The global growth forecast for 2024 has been raised to 2.6% from 2.
4% in the March review. The eurozone’s growth forecast has been revised up by 0.2 percentage points to 0.
8%, and China’s forecast has been adjusted to 4.8% from 4.5%.
The US GDP growth forecast remains unchanged at 2.1% for the current year. However, for 2025, the analysis anticipates a slowdown in global economic growth to 2.
4%, with US growth decelerating to 1.5% and the eurozone’s growth accelerating to 1.5%.
China’s growth is expected to decline to 4.5% due to a slowdown in exports and government spending”, Best Oasis concluded. In a separate report this week, shipbroker Banchero Costa said that it was “a quieter week across all the SubContinent market, as holidays are replaced by monsoon rains.
That said, India / Alang remained the go to market for both HKC and non HKC tonnage. As Bangladesh local market remained lacklustre, the recent budget announcements not helping to boost sentiment either with taxes on in coming scrap vessels that are carrying excess quantities of FO & LO on board, which will have a knock on effect to Cash Buyers and therefore the Owners, who previously could expect to receive a useful premium on any meaningful addi.
