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opening excerpt
SHIPPING MARKET REVIEW 1ST HALF 2008
AUGUST 2008
TABLE OF CONTENT / SHIP BUILDING / CRUDE TANKERS / CONTAINER / DRY BULK
DSF/07/74
DSF/07/74
Executive Summary
Please read carefully the disclaimer at the end of this
report.
This report reviews the central de velopments in shipping in the
period from January to July 2008 for the main shipping
segments in which Danish Ship Finance has exposures, and
indicates possible future market directions.
World Demand Indicators
The recessionary tendencies in North America and Europe have
sounded the alarm bells for the global economy.
On the one hand, we are in th e middle of a financial crisis
where North American and Eu ropean banks are reporting
significant losses and thus are contracting credit. Credit is the
very epicentre of the problem. European and in particular North
American consumers have overspent for years. They have used
their asset-based savings, mostly in the form of real estate, to
prolong the spending spree using Mortgage Equity Withdrawals.
The flip side of the coin is a historical low savings rate in North
America.
On the other hand, global GDP growth is still predicted to be