ShippingWatch

Bimco: Shipping stays clear of Chinese currency slash

It sounds dramatic with three devaluations in China in three days, but this will presumably have very little impact on shipping, notes Peter Sand, Chief Analyst at Bimco, in comments to ShippingWatch.

Photo: Rotterdam Havn

The Chinese government has performed three devaluations in a row of about 10 percent of the Chinese currency Yuan. This happens in the midst of growing concerns about whether the Chinese growth engine can keep up steam.

Intuitively, many people may think that this will put even more pressure on the struggling dry bulk industry as well as on tanker. A devaluation would typically entail increased exports out of China while imports into the country would slow down, because it would be more expensive to import commodities such as coal, crude oil and iron ore - all commodities of which China is a major consumer.

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