12/7/2022, 2:22 PM (Source: TeleTrader)
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Fitch revises down global shipping estimates for 2023

Fitch Ratings revealed on Wednesday in its Global Shipping Outlook 2023 that it has revised the shipping estimates from "neutral" to "deteriorating," as a result of issues Container Shipping might face.

"The easing of supply chain pressures has led to the near normalization of container freight rates, which suggests that profits in 2023 will be much weaker than they were over the last three years," Fitch noted.

Fitch explained that some of the main risks posed to global shipping will be a possibly harsher-than-expected recession, alongside the continuation of COVID-19 lockdowns in China. In such a scenario demand and manufacturing would be weakened further, the United States credit rating agency shared.

Baha Breaking News (BBN) / AY