WORLDWIDE ECONOMIC & SHIPPING OUTLOOK 1Q 2015

Size: px
Start display at page:

Download "WORLDWIDE ECONOMIC & SHIPPING OUTLOOK 1Q 2015"

Transcription

1 Thursday, 21 May 215 Mövenpick Hotel WORLDWIDE ECONOMIC & SHIPPING OUTLOOK 1Q 215 Presented By: Maria Bertzeletou, Senior Shipping Analyst 1

2 SECTION 1 SECTION 2 Macroeconomics Review-Projections Shipping Market Review - Projections Global Economy Advanced / Emerging Global Trade Dry / Wet / Container Freight Market Fleet Growth Investment Trends Threats & Opportunities 2

3 SECTION 1 MACRO ECONOMICS 3

4 An Uneven Global Recovery continues Advanced Emerging Firmer Growth from 213 US emerging the strongest Euro delayed recovery Low inflation ratio Weaker Growth from 213 for the first time since 1999 IND emerging the strongest China loosing its supremacy GDP Growth 215 US 3.1% - Euro 1.3% GDP Growth 215 India 7.5% - China 6.8% US appreciation Euro depreciation Recession in Japan Negative growth: Brazil /Russia 4

5 Global Economy: GDP Growth Rates Slower Recovery World Output - GDP Growth % Annual Growth Rate 3.7% % from UPSIDE RISKS LOWER OIL PRICE DOWNSIDE RISKS LOWER INVESTMENT STAGNATION IN EURO JAPAN GEOPOLITICAL RISKS Statistics Figures based on IMF APR

6 Advanced Economies: Stronger GDP Growth GDP Growth % Annual Growth Rate 2.4% % from Emerging Economies: GDP Growth % Weaker GDP Growth Annual Growth Rate 4.5% % from Statistics Figures based on IMF APR

7 World Trade Modest recovery after 3yrs of Slowdown Growth % Annual Growth Rate 3.7% % from E 216E DOWNSIDE RISKS Imports of Emerging < Advanced Weaker Growth of Asia Shipping Demand in Threat Emerging Merchandise Imports- Growth % Annual Growth Rate 5.1% % from Asia E 216E UPSIDE RISKS Exports of Emerging > Advanced Statistics Figures based on WTO APR

8 SECTION 2 SHIPPING MARKET 8

9 FREIGHT MARKET OVERVIEW Dry-Negative Trend : BDI at the lowest since 1986 (fleet growth 89% from 2 - >1, vessels) Wet- Positive Trend: Upside performance of VLCC is closely related to the sharp drop in brent (fleet growth 76% from 2 ->5,9 vessels) EIA estimates brent crude average price $59/barrel in 215 and $75/barrel in 216 Container: SCFI<1 Asia /Europe recession-lowest levels since 29 (fleet growth 92% from 2 ->5, vessels) 9

10 Baltic Exchange Indices Modern Tonnage (DRY / WET) 1 year TC -$/day Dry - Indices % y-o-y Dry /Wet- Large Size Categories % y-o-y % -1% -2% -3% -4% -5% -6% -7% -8% BDI BCI BPI BSI BHSI -45% -34% -31% -45% -71% 8% 5% 2% -1% -4% -7% -1% Capesize Panamax VLCC Suezmax -53% -35% 6% 43% Wet- Indices % y-o-y Dry /Wet- Small Size Categories % y-o-y 15% 1% 5% % 1% BDTI 13% BCTI 4% 3% 2% 1% % -1% -2% -3% 31% Handymax Handy Aframax MR -28% -14% -1% 1

11 1 year TC -$/day Modern Tonnage (DRY / WET) Dry - Large Size Categories Dry - Small Size Categories 25, 21,7 12, 11,4 8,8 2, 1, 12, 15, 215 8, 8,2 7, , 1, 1,3 7,8 4, 5, 2, Capesize-17, dwt Panamax-75, dwt Handymax-52, dwt Handy-34, dwt Wet - Large Size Categories Wet - Small Size Categories 5, 4, 3, 2, 45, 28,1 33, 23, , 2, 15, 1, 23, 17,5 15,2 15, , 5, VLCC-31, dwt Suezmax-15, dwt Aframax-11, dwt MR-47, dwt 11

12 1 year TC -$/day Modern Tonnage (CONTAINERS) Firm growth against the fall in spot rates Container - Large Size Categories Container - Small Size Categories 15, 1, 5, 15, 1,25 8,8 7, , 8, 6, 4, 2, 9,25 8, 7,4 7, ,4 TEU 3,5 TEU 2,75 TEU 1,7 TEU Container- Large Size Categories % y-o-y Container- Small Size Categories % y-o-y 8% 6% 4% 2% % 7% 33% 4,4 TEU 3,5 TEU 25% 2% 15% 1% 5% % 25% 14% 2,75 TEU 1,7 TEU 12

13 GROWTH OF SHIPPING INVESTMENTS AFTER 29 ASSET PRICES / INVESTMENT TRENDS 13

14 SECONDHAND/NEWBUILDING MARKET (INVESTMENTS) 14

15 SECONDHAND MARKET (BULKERS/TANKERS) BULKER INVESTMENTS DECREASING TREND TO VESSEL DWT BULKER INVESTMENTS DECREASING TREND TO VESSEL AGE 1-15 YRS 8, 6, 74,69 67,332 81,111 57, , 2, Count of Vessel Purchases Average of Vessel DWT Average of Vessel Age , 6, TANKER INVESTMENTS INCREASING TREND TO VESSEL DWT 52,552 67,318 91,45 8, TANKER INVESTMENTS DECREASING TREND TO VESSEL AGE 5-1 YRS 9 9 4, , Count of Vessel Purchases Average of Vessel DWT Average of Vessel Age 11 15

16 Asset Prices Trends BULKER SEGMENT (HANDY / HANDYMAX) 1,-29,999 DWT Handy Vessel Age Shiftting trend >15yrs Asset Price Sharp Decreasing Trend 3,-39,999 DWT Handysize Vessel Age Shiftting trend 6-1yrs Asset Price Sharp Decreasing Trend 4,-49,999 DWT Handymax Vessel Age Flat 15-2yrs Asset Price Sharp Decreasing Trend 16

17 Asset Prices Trends BULKER SEGMENT (SUPRA/PANAMX/CAPE) 5,-59,999 DWT Supramax Vessel Age 6-1 yrs Asset Price Sharp Decreasing Trend 6,-79,999 DWT Panamax Vessel Age 1-15 yrs Asset Price Sharp Decreasing Trend Capesize Vessel Age 1-15 yrs Asset Price Sharp Decreasing Trend 17

18 Asset Prices Trends TANKER SEGMENT (SMALL/HANDY/MR) Small Vessel Age Shiftting trend < 1yrs Asset Price Increasing trend ST ST Handy Vessel Age Increasing trend > 1yrs Asset Price Sharp Declining Trend MR Vessel Age Declining trend < 1yrs Asset Price Soft Increasing Trend 18

19 Asset Prices Trends TANKER SEGMENT (CRUDE SIZES) Aframax Vessel Age Declining trend < 1yrs Asset Price Sharp Increasing Trend Suezmax Vessel Age Declining trend < 1yrs Asset Price Sharp Increasing Trend VLCC Vessel Age Declining trend < 15yrs Asset Price Sharp Increasing Trend 19

20 NEWBUILDING MARKET (BULKERS/TANKER) 1, 8, 6, 4, 2, BULKER NB INVESTMENTS DECREASING TREND TO VESSEL DWT: SUPRAMAX 72,462 92,827 86,79 54, BULKER ORDERING PER VESSEL SIZE Ultramax Handysize Capesize Kamsarmax Supramax Handymax Panamax Handy (1,-29,999) 5% 2% 2% 2% 16% 16% 21% 3% % 5% 1% 15% 2% 25% 3% 35% 14, 12, 1, 8, 6, 4, 2, TANKER NB INVESTMENTS INCREASING TREND TO VESSEL DWT: CRUDE 9,155 89,92 96, , TANKER ORDERING PER VESSEL SIZE MR-Handymax 39% Handysize 16% Aframax 14% VLCC 13% SMALL 8% SUEZMAX 7% Panamax 3% % 1% 2% 3% 4% 5% 2

21 BULKER SEGMENT (HANDY /MEDIUM SIZES) Handysize Country Built China- Major share Asset Price Flat-Upward trend Supramax Country Built Japan- Major share Asset Price Flat trend Ultramax Country Built China- Major share Asset Price Downward trend 21

22 BULKER SEGMENT (LARGE SIZES) Panamax Country Built Japan- Major share Asset Price Flat- trend Kamsarmax Country Built China- Major share Asset Price Flat-Upward trend Capesize Country Built China- Major share Asset Price Increasing trend 22

23 TANKER SEGMENT (HANDY /MEDIUM SIZES) MR Country Built SKR Major share Asset Price Upward trend Handysize Country Built Japan Major share Asset Price Upward trend Small Country Built China Major share Asset Price Upward trend 23

24 TANKER SEGMENT (LARGE SIZES) VLCC Country Built China- Major share Asset Price Increasing trend Suemax Country Built SKR- Major share Asset Price Flat - Downward trend Aframax Country Built China Major share Asset Price Flat - Upward trend 24

25 FLEET GROWTH - ORDERBOOK 25

26 Declining Fleet Growth But Excessive Fleet 12, 1, 8, 6, 4, 2, BULKERS 12% 1,315 4% 3,861 2, E 14% 12% 1% 8% 6% 4% 2% % -2% 7, 6, 5, 4, 3, 2, 1, TANKERS % 1% 1, E 1% 8% 6% 4% 2% % -2% Orderbook Current Fleet Fleet Growth Orderbook Current Fleet Fleet Growth Baltic Dry Index (2-215 ) Baltic Dirty / Clean Index (2-215 ) 8, 7, 6, 5, 4, 3, 2, 1, , 1,8 1,6 1,4 1,2 1, Baltic Exchange Dirty Tanker Index Baltic Exchange Clean Tanker Index

27 Orderbook Growth (2-215) BULKERS Declining Trend TANKERS Upward Trend 4,4 4, 3,6 3,2 2,8 2,4 2, 1,6 1, ,9 2,156 1,829 2, ,4 2,2 2, 1,8 1,6 1,4 1,2 1, ,39 2,76 1,92 1,779 1,441 1, E 15.% % Growth (2-215 ) 6.% % Growth (2-215 ) 1.% 4.% 5.% 2.%.% -5.% % -2.% E Demolitions (2-215) % Demolitions (2-215)

28 EXISTING FLEET -BULKERS (ORDERBOOK) VLOC 218 VLOC 61 Cape 12,-29, Cape 12,-29, Kamsmx-Mini Cape 1176 Kamsmx-Mini Cape 358 Ultramax-Panamax 6,- 171 Ultramax-Panamax 6,- 68 Supramax 5,-59, Supramax 5,-59, Handymax 4,-49, Handymax 4,-49, Handysize 2,-39, Handysize 2,-39, Handy 1,-19, Handy 1,-19, LARGE SIZES : 85% of Cape fleet is -15 yrs old scrapping potentials in the age of yrs 6% of fleet 7% of Ultra/Panamax fleet is -15 yrs old scrapping potentials in the age of yrs 11% of fleet 4% of Handymax fleet is -15 yrs old scrapping potentials in the age of yrs 25% of fleet HANDY SIZES: 2,-35, Dwt : 68% of fleet is -15 yrs old scrapping potentials in the age of yrs 14% of fleet 1,-19,999 Dwt: 6% of fleet is -15 yrs old scrapping potentials in the age of yrs 28% of fleet DELY SCHEDULE VLOC 19 Cape 12,-29, Kamsmx-Mini Cape 176 Ultramax-Panamax 6,- 362 Supramax 5,-59, Handymax 4,-49, Handysize 2,-39, Handy 1,-19,

29 EXISTING FLEET -TANKERS (ORDERBOOK) Small<1,dwt Handysize Panamax Aframax Suezmax VLCC Small<1,d 67 Handysize 528 Panamax 44 Aframax 138 Suezmax 86 VLCC CRUDE : 91% of VLCC fleet is -15 yrs old scrapping potentials in the age of 16-2 yrs 7% of fleet 86% of Suezmax fleet is -15 yrs old scrapping potentials in the age of 16-2 yrs 1% of fleet 86% of Aframax fleet is -15 yrs old scrapping potentials in the age of 16-2 yrs 8% of fleet PRODUCT: 96% of Panamax fleet is -15 yrs old scrapping potentials in the age of 16-2 yrs 2% of fleet 1,-59,999 Dwt Handy /MR: 9% of fleet is -15 yrs old scrapping potentials in the age of 16-2 yrs 8% of fleet yrs 5% of fleet 66% of Small fleet is -15 yrs old scrapping potentials in the age of 2-34 yrs 2% of fleet Small<1,dwt Handysize Panamax Aframax Suezmax VLCC DELY SCHEDULE

30 CONCLUSION : OVERCAPACITY PREVAILS : WILL BE CHALLENGING PERIOD 3

31 VESSEL TYPE SIZE-AGE : KEY ELEMENTS VESSEL TYPE : PREFERENCE ON VESSELS WITH THE LEAST RISK OF FLEET GROWTH AND THE UPSIDE RISK OF FIRM DEMAND GROWTH VESSEL SIZE: PREFERENCE ON VESSELS FEXIBLE FOR VESSEL EMPLOYMENT AND MORE SPECIALIZED SIZES (SMALL BULKERS CHEMICAL TANKERS) BULKERS: AVG DWT 52, TANKERS: AVG DWT 8, SOLD THIS YEAR SOLD THIS YEAR VESSEL AGE: MODERN TONNAGE UP TO 1 YRS OLD AVERAGE AGE OF VESSEL SOLD FOR THIS YEAR IS ABOUT 13 YRS SECONDHND OR NEWBUILDING? PREFER GROWTH SECONDHAND: TO LOWER THE THREAT OF FLEET GROWTH AND CONTRIBUTE IN FIRMER BE MORE SCEPTICAL NEWBUILDING: SELECT VESSEL SIZES THAT HAVE AMPLE UNITS OF SCRAP CANDIDATES DEMOLITION ACTIVITY: WILLING TO SCRAP VINTAGE TONNAGE BETWEEN 15-2YRS OLD TO ALLEVIATE OVERSUPPLY IN DRY & WET 31

32 For more Research Services, please contact us: Website :

S&P Market Trends during March: Secondhand Newbuilding Demolition

S&P Market Trends during March: Secondhand Newbuilding Demolition This Week s Overview of Shipping Investments SECONDHAND / DEMOLITION / NEW BUILDING MARKET ANALYSIS Week Ending: 28 th March 201 (Week 12, Report No: 12/1) (Given in good faith but without guarantee) This

More information

CAPITAL MARKETS DAY DRY CARGO

CAPITAL MARKETS DAY DRY CARGO CAPITAL MARKETS DAY DRY CARGO THE PREFERRED PARTNER IN GLOBAL TRAMP SHIPPING UNIQUE PEOPLE, OPEN MINDED TEAM SPIRIT, NUMBER ONE New York City, 22 January 2008 1 GUIDANCE AGENDA Norden Dry cargo Organization

More information

Monday, December 27, 2010 - Week 52

Monday, December 27, 2010 - Week 52 Monday, December 27, 21 - Week 52 Baltic Dry Indices* Last Fridays Closing Weekly Difference Baltic Dry Index 1773-226 Baltic Cape index 2346-377 Baltic Panamax Index 1845-192 Baltic Supramax Index Baltic

More information

Golden Ocean Group Limited Q3 2006 results December 1, 2006

Golden Ocean Group Limited Q3 2006 results December 1, 2006 Golden Ocean Group Limited Q3 2006 results December 1, 2006 PROFIT & LOSS 2005 2006 (in thousands of $) 2006 2005 2005 Jul-Sep Jul-Sep Jan - Sep Jan - Sep Jan - Dec Operating Revenues 26,265 66,431 Time

More information

Clear weather on the horizon?

Clear weather on the horizon? PwC annual Global Shipping Benchmarking Analysis Market Developments p / Sustainability p1 / Financial Performance review p17 / Companies covered by the analysis p Clear weather on the horizon? 3% of the

More information

Still battling the storm

Still battling the storm www.pwc.com Still battling the storm Global Shipping Benchmarking Analysis 2013 Table of contents Foreword 5 1. Market developments 6 1.1 General outlook 7 1.2 Characteristics of the market 9 1.3 Year

More information

NORDEN RESULTS. 1 st quarter of 2013. Hellerup, Denmark 15 May 2013. Our business is global tramp shipping. NORDEN 1st quarter of 2013 results 1

NORDEN RESULTS. 1 st quarter of 2013. Hellerup, Denmark 15 May 2013. Our business is global tramp shipping. NORDEN 1st quarter of 2013 results 1 NORDEN RESULTS 1 st quarter of 2013 Hellerup, Denmark 15 May 2013 NORDEN 1st quarter of 2013 results 1 AGENDA Group highlights Financial highlights Market update Full year financial guidance Q & A NORDEN

More information

Interim financial report for the period 1 January to 30 September 2011

Interim financial report for the period 1 January to 30 September 2011 Company announcement no. 11/ 18 November Page 1 of 9 Interim financial report for the period 1 January to 30 September Highlights Results improved in the third quarter with a gross profit of USD 8 million

More information

Crude Oil Trading Patterns: Trends and Tonne Mile Assessments

Crude Oil Trading Patterns: Trends and Tonne Mile Assessments Crude Oil Trading Patterns: Trends and Tonne Mile Assessments International Maritime Statistics Forum Gothenburg 11 May 2015 Wally Mandryk Manager Market Intelligence Services Lloyd s List Intelligence

More information

Annual Report 2006. "We seek excellence through a dedicated team effort from competent and motivated people" Dampskibsselskabet NORDEN A/S

Annual Report 2006. We seek excellence through a dedicated team effort from competent and motivated people Dampskibsselskabet NORDEN A/S Dampskibsselskabet NORDEN A/S Annual Report 2006 Annual Report 2006 "We seek excellence through a dedicated team effort from competent and motivated people" Dampskibsselskabet NORDEN A/S Contents Highlights

More information

Prospects for the container shipping industry

Prospects for the container shipping industry Prospects for the container shipping industry IQPC Container Terminal Business 2009 Hamburg, December 8, 2008 Eric Heymann Sector Research Think Tank of Deutsche Bank Group Agenda 1 Weak economic environment

More information

THE PLATOU REPORT 2014

THE PLATOU REPORT 2014 THE PLATOU REPORT 214 SHIPPING & OFFSHORE: CONTENTS BACK TO THE FUTURE INTRODUCTION...3 THE SHIPPING MARKET ENVIRONMENT...7 THE SHIPBUILDING MARKET... THE TANKER MARKET...16 THE DRY BULK MARKET...21 THE

More information

Frontline The Fleet. 40 + 1 N/B VLCCs incl. 11 J/V Equals 34.6 vessels on a 100% basis. 8 Suezmax OBOs

Frontline The Fleet. 40 + 1 N/B VLCCs incl. 11 J/V Equals 34.6 vessels on a 100% basis. 8 Suezmax OBOs A Changing Company The Company The world s largest tanker company listed NYSE and Oslo Current Market Cap USD 900 million Daily trading volume in excess of USD 20 million Total fleet 72 vessels VLCC /

More information

Earnings Conference Call First Quarter Ended March 31, 2015

Earnings Conference Call First Quarter Ended March 31, 2015 Earnings Conference Call First Quarter Ended March 31, 2015 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements within the meaning

More information

Earnings Conference Call Second Quarter & 6 Months Ended June 30, 2015

Earnings Conference Call Second Quarter & 6 Months Ended June 30, 2015 Earnings Conference Call Second Quarter & 6 Months Ended June 30, 2015 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements within

More information

Investor Presentation. September 2015

Investor Presentation. September 2015 Investor Presentation September 2015 Forward looking statements 1 Euronav Largest independent quoted tanker company in world IEA forecast 1.6m bpd growth 2015 & 2016; base case of 1m bpd 2017-2020 Lower

More information

Managing Shipping Risk in the Global Supply Chain The Case for Freight Options

Managing Shipping Risk in the Global Supply Chain The Case for Freight Options Managing Shipping Risk in the Global Supply Chain The Case for Professor in Shipping Risk management Director, MSc Shipping, Trade & Finance Cass Business School email: n.nomikos@city.ac.uk Presentation

More information

3. Forecast of Consolidated Results for Fiscal Year ending March 31, 2013

3. Forecast of Consolidated Results for Fiscal Year ending March 31, 2013 October 31, 2012 Financial Highlights: The Second Quarter Ended September 30, 2012 1. Consolidated Financial Highlights ( from April 1, 2012 to September 30, 2012 ) (All financial information has been

More information

How To Improve Your Ship Management

How To Improve Your Ship Management Best practice shipmanagement study 2013 Overview and study results, Hong Kong 07 August 2013 Kevin M. Brunn Director Clients & Markets Ivan Tam Manager Clients & Projects www.gl-group.com www.gl-maritime-software.com

More information

MARINE MONEY SINGAPORE 2014 1

MARINE MONEY SINGAPORE 2014 1 MARINE MONEY SINGAPORE 2014 1 Since 1983 Wirana is the OLDEST and LEADING Cash Buyer of Vessels for Recycling. Sells to ALL markets such as India, Pakistan, Bangladesh, Turkey and North and South China.

More information

FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights

FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER Highlights Frontline reports net income of $73.8 million and earnings per share of $0.99 for the third quarter of. Frontline reports nine month results of

More information

WEEKLY SHIPPING MARKET REPORT WEEK 29

WEEKLY SHIPPING MARKET REPORT WEEK 29 WEEKLY SHIPPING MARKET REPORT WEEK 29 WEEK 29 (15 th Jul to 22 nd Jul 2016) Market Overview During this week BDI closed today at 718 points following 2 weeks with a constantly and steady improvement to

More information

AnnuAl RepoRt 2014. DampSKibSSelSKabeT NORDeN a/s

AnnuAl RepoRt 2014. DampSKibSSelSKabeT NORDeN a/s AnnuAl RepoRt 2014 DampSKibSSelSKabeT NORDeN a/s CONTeNTS management COmmeNTaRy 2014-15 at a glance 3 Highlights 2014-15 4 Key figures and financial ratios for the Group 5 outlook for 2015 6 Strategy update

More information

Summary. Economic Update 1 / 7 May 2016

Summary. Economic Update 1 / 7 May 2016 Economic Update Economic Update 1 / 7 Summary 2 Global World GDP is forecast to grow only 2.4% in 2016, weighed down by emerging market weakness and increasing uncertainty. 3 Eurozone The modest eurozone

More information

Earnings Conference Call Third Quarter & 9 Months Ended September 30, 2014

Earnings Conference Call Third Quarter & 9 Months Ended September 30, 2014 Earnings Conference Call Third Quarter & 9 Months Ended September 30, 2014 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements within

More information

WEEKLY SHIPPING MARKET REPORT

WEEKLY SHIPPING MARKET REPORT WEEKLY SHIPPING MARKET REPORT WEEK 13 (21 st March to 27 th March 2015) Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made to ensure

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

JINHUI SHIPPING AND TRANSPORTATION LIMITED

JINHUI SHIPPING AND TRANSPORTATION LIMITED JINHUI SHIPPING AND TRANSPORTATION LIMITED FOURTH QUARTER REPORT FOR THE QUARTER ENDED 31 DECEMBER 2010 AND PRELIMINARY ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010 Jinhui Shipping and Transportation

More information

1. Supplemental explanation of FY2014 Q3 financial results

1. Supplemental explanation of FY2014 Q3 financial results February 2015 1. Supplemental explanation of FY2014 Q3 financial results Overall view Despite the favorable winds of a depreciating yen and lower bunker prices, we could not fully leverage these benefits,

More information

CHARLES R. WEBER COMPANY TANKER

CHARLES R. WEBER COMPANY TANKER CHARLES R. WEBER COMPANY TANKER REPORT tanker freight rates aweigh we go again? SEPTEMBER 25 ESSENTIAL READING FOR THE INTERNATIONAL OIL TRANSPORTATION INDUSTRY S E P T E M B E R 5 IN THIS REPORT EXTRA:1-2

More information

Mid-Year Review Weekly Tanker Market Report

Mid-Year Review Weekly Tanker Market Report Week 26 1 st July 2016 Mid-Year Review Weekly Tanker Market Report Our last two Weekly Reports have been very much focused on the product and crude tanker markets looking at developments over the first

More information

A REVIEW OF THE GLOBAL SHIPPING MARKETS

A REVIEW OF THE GLOBAL SHIPPING MARKETS Greek Shipping A Global Leader By Nicolas Bornozis, President, Capital Link* MARITIME SHIPPING: THE LIFELINE OF INTERNATIONAL TRADE The maritime shipping industry is essential to international trade as

More information

Heidmar Tanker Pools Trading insights from the front line: Strategies for maximizing returns in shifting markets

Heidmar Tanker Pools Trading insights from the front line: Strategies for maximizing returns in shifting markets Heidmar Tanker Pools Trading insights from the front line: Strategies for maximizing returns in shifting markets June 2013 2 About Heidmar Heidmar is the world s leading independent tanker pool manager

More information

RS Platou Monthly February 2015

RS Platou Monthly February 2015 RS Platou Monthly February 15 Monthly year on year growth, tanker fleet (1, dwt +) 1 1 Analytical topic of the month: Dry Bulk market any light at the end of the tunnel? Page Percent 5 7 9 1 11 1 13 1

More information

Oil Price and Korean Economy

Oil Price and Korean Economy Oil Price and Korean Economy April 17, 2015 Jaerang Lee - Contents - I. Oil Price Outlook II. Effects on Korean Economy III. Conclusion I. Oil Price Outlook Oil prices have lowered to around mid 50 dollars

More information

Short-Term Fertilizer Outlook 2014 2015

Short-Term Fertilizer Outlook 2014 2015 A/14/140b November 2014 IFA Strategic Forum Marrakech (Morocco), 19-20 November 2014 Short-Term Fertilizer Outlook 2014 2015 Patrick Heffer and Michel Prud homme International Fertilizer Industry Association

More information

BROSTRÖM AB (publ) Reg No 556005-1467

BROSTRÖM AB (publ) Reg No 556005-1467 Broström is one of the leading logistics companies for the oil and chemical industry, focusing on industrial product and chemical tanker shipping and marine services. Broström is based all over the world

More information

Current status of the shipbuilding industry and its susceptibility to distortion

Current status of the shipbuilding industry and its susceptibility to distortion Current status of the shipbuilding industry and its susceptibility to distortion Ministry of Land, Infrastructure, Transport and Tourism (MLIT), JAPAN Ministry of Land, Infrastructure, Transport and Tourism

More information

2016 CONTAINER SHIPPING OUTLOOK: ASSESSING THE FUNDAMENTALS

2016 CONTAINER SHIPPING OUTLOOK: ASSESSING THE FUNDAMENTALS 2016 CONTAINER SHIPPING OUTLOOK: ASSESSING THE FUNDAMENTALS TPM Conference, February 29, 2016 Philip Damas, Director, Drewry Supply Chain Advisors Agenda Global container shipping supply: fleet and order

More information

Great Eastern Shipping Company Limited Q3 FY- 16 Earnings Conference Call

Great Eastern Shipping Company Limited Q3 FY- 16 Earnings Conference Call Great Eastern Shipping Company Limited Q3 FY- 16 Earnings Conference Call MANAGEMENT: MR. G SHIVAKUMAR EXECUTIVE DIRECTOR & CHIEF FINANCIAL OFFICER, GREAT EASTERN SHIPPING COMPANY LIMITED Page 1 of 23

More information

367 Syngrou Avenue, 175 64 P. Faliro, Hellas Tel: 30 210 94 07 710-3, Fax: 30 210 94 07 716, e-mail: ten@tenn.gr Website: http://www.tenn.

367 Syngrou Avenue, 175 64 P. Faliro, Hellas Tel: 30 210 94 07 710-3, Fax: 30 210 94 07 716, e-mail: ten@tenn.gr Website: http://www.tenn. TSAKOS ENERGY NAVIGATION LIMITED (TEN) 367 Syngrou Avenue, 175 64 P. Faliro, Hellas Tel: 30 210 94 07 710-3, Fax: 30 210 94 07 716, e-mail: ten@tenn.gr Website: http://www.tenn.gr Press Release March 19,

More information

Bassøe Friday Report Week 21 27.05.2005 www.pfbassoe.no Nr 21. Vol 28

Bassøe Friday Report Week 21 27.05.2005 www.pfbassoe.no Nr 21. Vol 28 Bassøe Friday Report Week 21 27.5. Nr 21. Vol 28 Tanker chartering Crude Market comments The bottom appears to have been hit in the VLCC market. Rates slumped into the low WS 5s early in the week, but

More information

REVIEW OF MARITIME TRANSPORT, 2005

REVIEW OF MARITIME TRANSPORT, 2005 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Geneva REVIEW OF MARITIME TRANSPORT, 2005 Report by the UNCTAD secretariat UNITED NATIONS New York and Geneva, 2005 ii Review of Maritime Transport, 2005

More information

CLTX Weekly Market Summary

CLTX Weekly Market Summary CLTX Weekly Market Summary Summary Dry Bulk The main dry bulk index dropped to new historical lows Rates decreased for Capesize, Supramax and Handysize vessels Iron Ore and Steel ANZ bank cut its iron

More information

Caucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook

Caucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook Caucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook Economic activity in the Caucasus and Central Asia (CCA) will continue to decelerate in 215 mainly as a consequence

More information

Economic and Market Report. EU Automotive Industry Quarter 4 2015

Economic and Market Report. EU Automotive Industry Quarter 4 2015 Economic and Market Report EU Automotive Industry Quarter 4 2015 March 2016 CONTENTS Passenger cars... 2 Registrations... 2 World... 2 The European Union... 5 Production... 7 World... 7 The European Union...

More information

An International Seminar

An International Seminar An International Seminar Energy and Shipping The EU Iranian Oil Embargo and Implications for the International Oil Market A presentation by Costis Stambolis, AA. Dipl. Grad. Executive Director & Deputy

More information

Recent development in Maritime transport and challenges ahead for ports

Recent development in Maritime transport and challenges ahead for ports Recent development in Maritime transport and challenges ahead for ports Piraeus 18th September 2008 Vincent Valentine Transport Section Division on Technology and Logistics Contents A. Recent Developments

More information

Financing China s Energy Transportation:

Financing China s Energy Transportation: SHIPPING CHINA ENERGY 2008 Financing China s Energy Transportation: Ship Lending and Leasing Dr. Yan Jun Industrial and Commercial Bank of China April 25, 2008 Shanghai -1- AGENDA I. I. CHINESE FACTOR

More information

SHIPPING MARKET REVIEW NOVEMBER 2014

SHIPPING MARKET REVIEW NOVEMBER 2014 SHIPPING MARKET REVIEW NOVEMBER 214 DISCLAIMER The persons named as the authors of this report hereby certify that: (i) all of the views expressed in the research report accurately reflect the personal

More information

Weekly Market Review

Weekly Market Review 25/4/2014 2/5/2014 9/5/2014 16/5/2014 23/5/2014 30/5/2014 6/6/2014 13/6/2014 20/6/2014 27/6/2014 4/7/2014 Week 27 1,500 1,400 1,300 1,200 1,100 1,000 900 Source: Clarksons Key Shipping Indicators SCFI

More information

Navios Maritime Holdings Inc. Q4 2015 Earnings Presentation. 23 February 2016

Navios Maritime Holdings Inc. Q4 2015 Earnings Presentation. 23 February 2016 Navios Maritime Holdings Inc. Q4 2015 Earnings Presentation 23 February 2016 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities

More information

Reports Results for First Quarter 2007 and Declares Quarterly Dividend

Reports Results for First Quarter 2007 and Declares Quarterly Dividend Ship Finance International Limited (NYSE: SFL) Reports Results for First Quarter and Declares Quarterly Dividend Ship Finance International Limited ( Ship Finance or the Company ) announces today the financial

More information

I. World trade developments

I. World trade developments I. World trade developments World merchandise exports stagnated in value terms in 2012 while exports of commercial services increased by 2 per cent. Key developments in 2012: a snapshot Trade data List

More information

EUROMETAL OUTLOOK ON ECONOMIES & STEEL MARKETS

EUROMETAL OUTLOOK ON ECONOMIES & STEEL MARKETS EUROMETAL OUTLOOK ON ECONOMIES & STEEL MARKETS A REPORT TO EUROMETAL MEMBERS & EUROMETAL ASSOCIATE MEMBERS AND MEMBERS OF AFFILIATED FEDERATIONS DISMET, EASSC, NAT.FED AND STSG ECONOMIES AND STEEL MARKETS

More information

OPEX THE SHIP MANAGEMENT VIEW. V.Ships

OPEX THE SHIP MANAGEMENT VIEW. V.Ships OPEX THE SHIP MANAGEMENT VIEW The Aim Working with owners to enhance operating efficiency OPEX Budgeting Budgeting is a vital part of a cost control policy and can be described as the process of planning

More information

THE STATE OF THE ECONOMY

THE STATE OF THE ECONOMY THE STATE OF THE ECONOMY ADAM SEIDMAN Portland State University In its latest report, the Oregon Office of Economic Analysis noted that full employment is finally within sight in Oregon. Indeed, 2015 saw

More information

Product tanker Industry - First Quarter

Product tanker Industry - First Quarter First quarter report 2015 The combination of lower oil prices and wider refinery margins boosted the demand for transportation of refined oil products in the first quarter of 2015, says CEO Jacob Meldgaard

More information

Chapter 2 The Tanker Shipping Market

Chapter 2 The Tanker Shipping Market Chapter 2 The Tanker Shipping Market 2.1 Introduction Oil tanker is designed for the bulk transport of oil. Basic types of tankers include crude tanker and product tanker. Crude tanker transports unrefined

More information

Naturally, these difficult external conditions have affected the Mexican economy. I would stress in particular three developments in this regard:

Naturally, these difficult external conditions have affected the Mexican economy. I would stress in particular three developments in this regard: REMARKS BY MR. JAVIER GUZMÁN CALAFELL, DEPUTY GOVERNOR AT THE BANCO DE MÉXICO, ON THE MEXICAN ECONOMY IN AN ADVERSE EXTERNAL ENVIRONMENT: CHALLENGES AND POLICY RESPONSE, SANTANDER MEXICO DAY 2016, Mexico

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 Autumn 2013 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001

More information

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank South African Reserve Bank Press Statement Embargo Delivery 21 July 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank The UK vote to

More information

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Oil & Gas Market Outlook 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Challenging Market Environment Concerns that global economic growth will slow and reduce global oil and natural

More information

Year ended 31 december 2007 Annual report and accounts

Year ended 31 december 2007 Annual report and accounts annual report 2007 Year ended 31 december 2007 Annual report and accounts 100 th financial year Premuda This report is based on Premuda's annual report For the period ending 31 December 2007. The Premuda

More information

MACROECONOMIC OVERVIEW

MACROECONOMIC OVERVIEW MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial

More information

The Source for Maritime Information and Insight

The Source for Maritime Information and Insight The Source for Maritime Information and Insight Christopher Pålsson, Director Copyright 2011 IHS Inc. All Rights Reserved. 1 The set scene Global Redesign - a rapidly changing world Size matters - a matter

More information

Second quarter report 2014

Second quarter report 2014 Second quarter report 2014 In the second quarter of 2014, TORM has continued to deliver competitive results and positive cash flow from operations after full interest payment even though the product tanker

More information

ANNUAL REPORT 2014. as of 26 March 2015

ANNUAL REPORT 2014. as of 26 March 2015 ANNUAL REPORT 2014 as of 26 March 2015 HISTORY OF TORM 2009- ON 14 JANUARY 2014, TORM CELEBRATES 125 YEARS OF SHIPPING WITH PRIDE. IN 2012, TORM COMPLETES A RESTRUCTURING IN COOPERATION WITH TIME CHARTER

More information

Trading the new BDIFutures contract

Trading the new BDIFutures contract Trading the new BDIFutures contract Mikal Boe Imarex Asia Pte Ltd Wednesday 18th June 2008 fast growing commodity exchange World s only regulated market for freight swaps, futures and options Hybrid exchange

More information

World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics. Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine

World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics. Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine Disclaimer text This document is protected by copyright. Distribution

More information

Annual Report and Financial Statements. 102 nd financial year

Annual Report and Financial Statements. 102 nd financial year annual report 2009 Year ended 31st december 2009 Annual Report and Financial Statements 102 nd financial year Premuda This report is based on Premuda's Annual Report For the year ended 31 December 2009.

More information

Consumer Credit Worldwide at year end 2012

Consumer Credit Worldwide at year end 2012 Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international

More information

Ship Finance International Limited (NYSE: SFL) - Earnings Release. Reports second quarter results and quarterly dividend of $0.

Ship Finance International Limited (NYSE: SFL) - Earnings Release. Reports second quarter results and quarterly dividend of $0. Ship Finance International Limited (NYSE: SFL) - Earnings Release Reports second quarter results and quarterly dividend of $0.55 per share Ship Finance International Limited ( Ship Finance or the Company

More information

REVIEW OF MARITIME TRANSPORT 2013

REVIEW OF MARITIME TRANSPORT 2013 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT REVIEW OF MARITIME TRANSPORT 2013 Report by the UNCTAD secretariat Chapter 3 UNITED NATIONS New York and Geneva, 2013 3 FREIGHT RATES AND MARITIME TRANSPORT

More information

United n ations ConferenC e on t rade a nd d evelopment. Review. of MaRitiMe. transport

United n ations ConferenC e on t rade a nd d evelopment. Review. of MaRitiMe. transport United n ations ConferenC e on t rade a nd d evelopment Review of MaRitiMe transport 2014 United n ations ConferenC e on t rade a nd d evelopment Review of MaRitiMe transport 2014 New York and Geneva,

More information

Clarkson PLC Annual Report 2015 Clarkson PLC Annual Report 2015

Clarkson PLC Annual Report 2015 Clarkson PLC Annual Report 2015 Clarkson PLC Annual Report Clarksons is the world s leading provider of integrated shipping services. Through our best in class service offer we bring unique industry connections and expertise to our ever-wider

More information

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist The global economy Banco de Portugal Lisbon, 24 September 213 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist Summary of presentation Global economy slowly exiting recession but

More information

Insurance Market Outlook

Insurance Market Outlook Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance

More information

March 2016 ECB staff macroeconomic projections for the euro area 1

March 2016 ECB staff macroeconomic projections for the euro area 1 March 2016 ECB staff macroeconomic projections for the euro area 1 1 Euro area outlook: overview and key features The economic recovery in the euro area is expected to continue, albeit with less momentum

More information

Shipping Companies Financial Performance Measurement using Industry Key Performance Indicators Case Study: The highly volatile period 2007-2010

Shipping Companies Financial Performance Measurement using Industry Key Performance Indicators Case Study: The highly volatile period 2007-2010 Shipping Companies Financial Performance Measurement using Industry Key Performance Indicators Case Study: The highly volatile period 2007-2010 Maro Varvate Managing Director, OceanFinance Ltd Scope of

More information

Portfolio Risk Management in Shipping

Portfolio Risk Management in Shipping Norwegian School of Economics Bergen, Spring 2015 Portfolio Risk Management in Shipping A Multi-factor Approach Lian, Jørgen & Toften, Henrik S. Supervisor: Adland, Roar O. Master Thesis in Financial Economics

More information

The lower energy and feedstock prices overall have the following effects:

The lower energy and feedstock prices overall have the following effects: Impact of lower oil price on the European Chemical Industry Executive summary Oil prices have seen a rapid drop over the past six months with the price per barrel sinking to its lowest point since 2009.

More information

Euronav Q1 2015 Results (unaudited) 30 th April 2015

Euronav Q1 2015 Results (unaudited) 30 th April 2015 Euronav Q1 2015 Results (unaudited) 30 th April 2015 Forward looking statements Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including

More information

Significant result increase due to higher sales volumes and efficiency improvements

Significant result increase due to higher sales volumes and efficiency improvements Herrliberg, February 5, 2016 MEDIA INFORMATION EMS Group: Annual results 2015 Significant result increase due to higher sales volumes and efficiency improvements 1. Summary The EMS Group, with its companies

More information

Oil Market: fundamentals and geopolitical risks provide support for high oil prices

Oil Market: fundamentals and geopolitical risks provide support for high oil prices Research Coordinator: Dimitris Malliaropulos Economic Research Advisor dmalliaropoulos@eurobank.gr Oil Market: fundamentals and geopolitical risks provide support for high oil prices Global crude oil prices

More information

HAMBURGER HAFEN UND LOGISTIK AG

HAMBURGER HAFEN UND LOGISTIK AG HAMBURGER HAFEN UND LOGISTIK AG ANALYST CONFERENCE ON 2013 FINANCIAL YEAR RESULTS Hamburg, 27 March 2014 Hamburger Hafen und Logistik AG Agenda Chairman of the Executive Board Annual Financial Statements

More information

HAMBURGER HAFEN UND LOGISTIK AG

HAMBURGER HAFEN UND LOGISTIK AG HAMBURGER HAFEN UND LOGISTIK AG ANALYST CONFERENCE ON 2014 FINANCIAL YEAR RESULTS Hamburg, 30 March 2015 Hamburger Hafen und Logistik AG Agenda Business Development 2014 and Business Forecast 2015 Klaus-Dieter

More information

THE RORO MARKET EXCESS 700 LANE METER SHIPS WITH STRAIGHT STERN RAMP

THE RORO MARKET EXCESS 700 LANE METER SHIPS WITH STRAIGHT STERN RAMP THE RORO MARKET EXCESS 7 LANE METER SHIPS WITH STRAIGHT STERN RAMP Åland Maritime Day 1th May 16 BRS founded in 1856 has more than 15 years of maritime experience. As one of the largest shipbroking groups

More information

General Manager, Economic Development and Culture

General Manager, Economic Development and Culture ED4.8 STAFF REPORT ACTION REQUIRED Economic Dashboard Date: May 11, 2015 To: From: Wards: Economic Development Committee General Manager, Economic Development and Culture All Reference Number: SUMMARY

More information

II. Merchandise trade

II. Merchandise trade II. Merchandise trade Merchandise trade increased by 5 per cent in volume in 211. The strongest momentum was achieved by trade in manufactured goods, which grew by.5 per cent. Key developments in 211:

More information

Insurance market outlook

Insurance market outlook Munich Re Economic Research 2 May 2013 Global economic recovery provides stimulus to the insurance industry long-term perspective positive as well Once a year, MR Economic Research produces long-term forecasts

More information

2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%)

2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%) The global economy recorded modest growth in 2014. Real GDP rose by 3.4%, however, economic performance varied by country and region (see table). Several regions turned in a lackluster performance. The

More information

The Great Eastern Shipping Co.Ltd Q4FY11 Investor/Analyst Conference Call (May 9, 2011)

The Great Eastern Shipping Co.Ltd Q4FY11 Investor/Analyst Conference Call (May 9, 2011) The Great Eastern Shipping Co.Ltd Q4FY11 Investor/Analyst Conference Call (May 9, 2011) Moderator: Good evening ladies and gentlemen, thank you for standing by. Welcome to GE Shipping s investor call after

More information

TENDER PRICE INDICATOR 1 ST QUARTER 2016

TENDER PRICE INDICATOR 1 ST QUARTER 2016 TENDER PRICE INDICATOR 1 ST QUARTER 2016 Elements of uncertainty are creeping into the economic outlook with the Brexit referendum and global slowdown. 2016 will see continued demand for construction from

More information

Oil and Natural Gas Analysis at Norges Bank. Pål Winje ( International Department), workshop on modeling and forecasting oil prices, 22 March 2012

Oil and Natural Gas Analysis at Norges Bank. Pål Winje ( International Department), workshop on modeling and forecasting oil prices, 22 March 2012 Oil and Natural Gas Analysis at Norges Bank Pål Winje ( International Department), workshop on modeling and forecasting oil prices, 22 March 212 The Norwegian Petroleum Sector as a Share of Macroeconomic

More information

TTS GROUP ASA. Q4 Results 2014. Oslo, 12 February 2015 Björn Andersson, CEO Henrik Solberg-Johansen, CFO

TTS GROUP ASA. Q4 Results 2014. Oslo, 12 February 2015 Björn Andersson, CEO Henrik Solberg-Johansen, CFO TTS GROUP ASA Q4 Results 2014 Oslo, 12 February 2015 Björn Andersson, CEO Henrik Solberg-Johansen, CFO Agenda 4th quarter headlines 4th quarter consolidated accounts Roll out strategy 2015-2017 Financial

More information

Economic Outlook for Europe and Finland

Economic Outlook for Europe and Finland Economic Outlook for Europe and Finland Finnish-British Chamber of Commerce 15 March 213 Seppo Honkapohja Member of the Board Bank of Finland 1 World economy: World industrial output improved, but international

More information

U.S. Trade Overview, 2013

U.S. Trade Overview, 2013 U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the

More information

Explanation beyond exchange rates: trends in UK trade since 2007

Explanation beyond exchange rates: trends in UK trade since 2007 Explanation beyond exchange rates: trends in UK trade since 2007 Author Name(s): Michael Hardie, Andrew Jowett, Tim Marshall & Philip Wales, Office for National Statistics Abstract The UK s trade performance

More information