VesselsValue’s chief strategy officer Adrian Economakis has become the latest analyst to give his verdict on what today’s US presidential election means for international shipping, broadly stating that a win for the current incumbent of the White House, Donald Trump, favours the tanker trades, while a Joe Biden victory ought to be welcomed by dry bulker and container shipowners.
“Trump’s support of US crude production, his sanctioning of Iran and temporary blacklisting of certain fleets of large tankers has been beneficial for the tanker markets,” Economakis wrote in a release issued by the ship pricing portal yesterday.
However, Trump’s trade war has harmed US bulker exports, Economakis pointed out, while the president’s protectionist policies have had a negative impact on China to US container trades. Additionally, Biden’s promise of higher stimulus levels should increase consumer spending and related container trading volumes, Economakis argued.
“The result of the US election will undoubtedly have a meaningful impact on global shipping markets with the industry being at the crux of geopolitical trade wars and the movement of goods, however, different sectors will feel different impacts,” Economakis suggested.
Writing for Splash last week, Dr Adam Kent, managing director of Maritime Strategies International (MSI), also weighed in on the outcome of today’s election and what it means for shipping fortunes.
“Who’s in the hot seat post the November election will have a significant impact on the role the US will play in terms of supporting shipping demand. If Trump remains in power the playbook will remain largely the same as the last four years with protectionism still front and centre on the agenda and a continued push on fossil fuels exports,” Kent wrote.
The October issue of Splash Extra featured the likes of Martin Stopford, Roar Adland, Peter Sand and Randy Giveans discussing the merits of each US presidential candidate in terms of prospects for shipping.