The global shipping industry’s outlook for the next 12 to 18 months remains negative and unchanged since March as companies' profit forecasts fall.
Expectations that the global economy will shrink this year, followed by a “long and bumpy” road to recovery are the main cause for the negative assessment, Moody’s Investors Service said in a new report.
“We now expect the aggregate Ebitda [earnings before interest, tax, depreciation and amortisation] of rated shipping companies to fall by around 16 per cent to 18 per cent in 2020, nearly doubling from our previous projection of a drop of around 6 per cent to 10 per cent,” Maria Maslovsky, a vice president and senior analyst at Moody’s, said.
The outlook for the dry bulk and container shipping segments is negative, with supply expected to exceed demand significantly, the report said.
However, the outlook for the tanker segment is stable, helped by a temporary disruption in the oil market, with high demand for floating storage pushing up tanker rates, it said.
The downturn in economic activity triggered by the Covid-19 pandemic has amplified domestic disruptions around the world and led to a contraction in global trade. International trade flows shrunk by about 3.5 per cent year on year in the first quarter due to weak demand, the collapse of the tourism industry and supply disruptions related to shutdowns, the International Monetary Fund said last month.
The damage inflicted by the virus on the logistics and trade industry is set to last longer and be greater than any recent crisis, McKinsey said in a report titled “Global freight flows after Covid-19: What’s next?”
Unconstrained trade demand around the world could fall by between 13 per cent and 22 per cent in the second and third quarters of this year, the report showed. In contrast, the biggest quarterly decline in trade volumes during the global financial crisis of 2008 was around 5 per cent.
Trade volumes will take 15 to 48 months to recover to levels recorded in the last quarter of 2019, and the value lost will be between 8 and 49 per cent of the total trade volume registered last year, McKinsey said, citing various scenarios.
“Covid-19 will have a ... lasting impact on the economy, but trade volumes will recover,” the report said.
“The companies that will emerge with a competitive advantage will be those that develop granular scenarios on how demand will evolve, appropriate playbooks to use in each case and mechanisms that recognise ... which scenario becomes [a] reality.”
The%20specs
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Killing of Qassem Suleimani
More from Rashmee Roshan Lall
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
Killing of Qassem Suleimani
UAE FIXTURES
October 18 – 7.30pm, UAE v Oman, Zayed Cricket Stadium, Abu Dhabi
October 19 – 7.30pm, UAE v Ireland, Zayed Cricket Stadium, Abu Dhabi
October 21 – 2.10pm, UAE v Hong Kong, Zayed Cricket Stadium, Abu Dhabi
October 22 – 2.10pm, UAE v Jersey, Zayed Cricket Stadium, Abu Dhabi
October 24 – 10am, UAE v Nigeria, Abu Dhabi Cricket Oval 1
October 27 – 7.30pm, UAE v Canada, Zayed Cricket Stadium, Abu Dhabi
October 29 – 2.10pm, Playoff 1 – A2 v B3; 7.30pm, Playoff 2 – A3 v B2, at Dubai International Stadium.
October 30 – 2.10pm, Playoff 3 – A4 v Loser of Play-off 1; 7.30pm, Playoff 4 – B4 v Loser of Play-off 2 at Dubai International Stadium
November 1 – 2.10pm, Semifinal 1 – B1 v Winner of Play-off 1; 7.30pm, Semifinal 2 – A1 v Winner of Play-off 2 at Dubai International Stadium
November 2 – 2.10pm, Third place Playoff – B1 v Winner of Play-off 1; 7.30pm, Final, at Dubai International Stadium
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
