World Grain - July 2020 - 37

Have we ever seen a market like this? I don't think so. The
pace of the decline in economic terms is scary. And we
have not really seen the end of it yet, not even in China.
Peter Sand, chief shipping analyst at BIMCO

A CLOONEY DENOUEMENT?
Spoiler alert! "The Perfect Storm" does not end well
for the protagonists, who are overcome by the forces of
nature. The dry bulk shipping sector also is being buffeted from all sides, mostly by economic forces beyond
its control.
Certainly, growing supply and bearish demand is
not a good equation for dry bulk shipping companies.
And responsible shippers will take no joy that their
freight partners are struggling - increased volatility
and counterparty risk is, after all, good for no one.
Much depends on whether the COVID-19 pandemic
is set to wreak further economic destruction or the
worst is now past. Certainly, a second outbreak and

more shutdowns later in the year will be good for
no one.
In 2021, the World Bank expects the global economy
to bounce-back with growth of 4.2%, although it warns
this is only a provisional reading and the outlook will
be dictated by the pandemic.
³7KLV LV WKH ¿UVW UHFHVVLRQ VLQFH  WULJJHUHG
solely by a pandemic, and it continues to manifest itself," said Ceyla Pazarbasioglu, the vice president of
HTXLWDEOHJURZWK¿QDQFHDQGLQVWLWXWLRQVDWWKH:RUOG
Bank. "Given this uncertainty, further downgrades to
the outlook are very likely."
In the near term, China could provide stimulus, although
³FRPSDUHGWRWKHUHFRYHU\WKHH൵HFWFRXOGEH

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Global, Trusted and Growing.
37


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World Grain - July 2020

Table of Contents for the Digital Edition of World Grain - July 2020

World Grain - July 2020 - 1
World Grain - July 2020 - 1
World Grain - July 2020 - 2
World Grain - July 2020 - 3
World Grain - July 2020 - 4
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