As inflation starts to slowly ramp up across the world, the US is gradually heading for a recession as the American economy shrank through Q1, reports cash buyer GMS, and the U.S.
As inflation starts to slowly ramp up across the world, the US is gradually heading for a recession as the American economy shrank through Q1, reports cash buyer GMS, and the U.S. Dollar has weakened against some recycling nation currencies.
The Baltic Exchange Dry Index reported increases this week as trade starts to shift around the world and global economies hash out fresh trade agreements without the United States, causing freight rates to report minor improvements this week even though overall trading activity seems to be far lower.
“Notwithstanding, the biggest hammer of them all fell on the price of oil where on the back of plummeting energy demands and inconsistent policies and announcements of potential sanctions amidst Russian aggression against Ukraine saw futures plummet by 1.6% down to USD 58.29/barrel,” says GMS.
“Local steel plate prices also seem to be taking quite a hit as flatlining seems to be theme of the week across most sub-continent ship recycling markets and even China, where steel trade seems to have certainly taken a hit causing steel prices to freeze.”
A shaky last few weeks finally settled this week with news that NOCs (No Objection Certificates) on incoming vessels in Bangladesh were
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