Slower China growth hurts shipping sector: Fitch

Beijing, Sep 29 (IANS) China’s slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said on Monday.

“Weaker data on exports and manufacturing in China and its economic transition increase uncertainty for container shipping,” said Fitch in a report.

China is a key player in global trade, accounting for two-thirds of world iron ore imports, 20 percent of coal imports and 16 percent of oil imports, reported Xinhua.

China’s slowing growth will therefore significantly cut demand for shipping services, while oversupply is rife in nearly all shipping segments, according to Fitch.

The rating firm expected global container demand growth to moderate to between 2 and 4 percent this year, compared to its previous forecast of 4 to 5 percent.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here