The European economy

Europe sees container imports plummet

Lloyds,

7 August, 2012

Europe’s economic woes are having a severe impact on container shipping, with imports from Asia, North America and other parts of the world shrinking at an alarming rate.

Volumes from Asia fell by nearly 9% in June, as trade to the western Mediterranean and North Africa plunged almost 16%, the latest Container Trades Statistics (CTS) data shows.

For article GO HERE 

Commodity Carrier Rates Plunge As Glut Overwhelms Cargo Supply

Bloomberg,

7 August, 2012

Daily rates for Panamax vessels, that typically haul coal and grains, plunged to the lowest in more than eight weeks as a glut of ships swamps the number of cargoes available for loading.

Returns for Panamaxes, the largest size able to navigate the Panama Canal, lost 2.2 percent, sliding to $7,096 a day, the lowest level since June 7, according to the Baltic Exchange, the London-based publisher of freight rates. That’s the 14th consecutive decline, the longest losing streak since early February, the data show.

For article GO HERE

Poland May Cut 2013 GDP Growth Target To 1.5%-2%

Bloomberg,

7 August, 2012

Poland's government may cut its 2013 economic-growth forecast to as low as 1.5 percent due to the euro region’s contraction, said Dariusz Filar, an economic adviser to Prime Minister Donald Tusk.

While Poland faces “no risk of recession,” the government may need to “adjust” its forecast for growth next year to 1.5 percent to 2 percent, down from a preliminary estimate of 2.9 percent, as the currency bloc’s debt crisis intensifies and “recession spreads across the euro countries,” Filar said in an interview in Warsaw yesterday.

For article GO HERE

Greece Credit-Rating Outlook Lowered By S&P As Economy Weakens

Bloomberg,

7 August, 2012

Greece’s credit rating may be cut again by Standard & Poor’s on concern a worsening economy raises the likelihood the troubled nation will need more support from European Union lenders.

The outlook on Greece’s CCC rating, already eight levels below investment grade, was revised to negative from stable, S&P said yesterday in a statement. The change reflects the risk of a downgrade if Greece is unable to obtain the next disbursement from the European Union and International Monetary Fund rescue package, the rating company said.

For article GO HERE