China imports and the price of tankers and containers were a key topic today for Darren Sinden, Market Commentator for Admiral Markets, when he joined Zak Mir and Alan Green on the Tip TV Finance Show to discuss the outlook for global trade.
Key Points:
Sinden noted that China is clearly slowing, with Chinese imports falling alongside Chinese GDP. He concluded that this has obvious implications on its trading partners, with the worst effected likely to be Singapore and Australia.
He added that spot rates for transporting containers from Asia to Northern Europe have crashed 70% in the last 3 weeks, which is clearly concerning.
Sinden commented that tanker rates soared to $100,000 a day, and with crude oil prices expected to rise again over the medium-term, the tanker rate is likely to fall from its current level at $70,000.
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