US confidence levels still waning

The company’s latest Shipping Confidence survey undertaken in November 2009 saw confidence levels in North America falling from 5.8 to 5.2 in three months, against a rise in confidence in Europe.

Globally, confidence levels in the shipping industry had stabilised although the advisor warned that a sustainable recovery in the markets still “appears to be some way off”.

The survey includes responses from owners, charterers, brokers, advisers, managers and others worldwide in the international shipping industry.

Moore Stephens shipping partner, Richard Greiner said: “It is gratifying to see that shipping confidence has been sustained at existing levels over the past three months, having progressively increased over the course of the year. However, confidence is somewhat fragile at present.

” This is not surprising given the number of newbuildings set to enter the market over the next two years to compete for a volume of trade which, given the state of the world economy, does not seem likely to be able to sustain a significantly larger world fleet.”

Tellingly, in the container ship sector, 26% of respondents overall, compared with 35% last time, expected rates to rise over the coming twelve months.