Shipping confidence hits 30-month low
The overall confidence level in the shipping industry fell in the three months to February, bringing it to its lowest level in the last two and a half years, according to the latest Shipping Confidence Survey released by the international accountant and shipping adviser Moore Stephens. Respondents identified overtonnaging as the biggest factor behind the fall, but also expressed concern about the effect of lower oil prices and the growth of investment by financiers from outside shipping.
The average confidence level for the month of February expressed by respondents in the markets in which they operate was 5.5 on a scale of 1 (low) to 10 (high), down from the 5.7 recorded in November 2014. This is the lowest figure since August 2012, and compares to the record high of 6.8 when the survey was launched in May 2008.
Charterers recorded the biggest fall in confidence, down from 5.4 in the previous survey to 3.9 now. Confidence on the part of owners was also down (from 5.5 to 5.4), while that expressed by managers was slightly up, from 6.1 to 6.2. Confidence in the broking sector was unchanged at 5. Confidence was down in all of the main geographic areas covered.