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South America no longer a shining growth engine for shipping

2015 surprised big-time with historically low growth rates from the South American continent, which not long ago was seen as a golden market for the shipping industry. The biggest nations such as Brazil and Argentina in particular have disappointed - and 2016 does not look much better.

Photo: Nick Ut/AP/POLFOTO/arkiv

The South American continent is one of the markets that has been hit especially by the low commodity prices, as the historically low prices on oil and, to a certain extent, coal have been felt in countries such as Brazil and Venezuela.

Both shipping and offshore benefited greatly from the growth that in recent years boosted the economies to such an extent that there were talks of a samba-economy in Brazil, which as one of the four BRIC nations had been designated a role as global growth engine going forward. Dry bulk transported volumes of coal from the mines. Container imports increased alongside consumers' desire to buy. And the oil rigs were pushing and shoving to get a spot in the Brazilian Basin.

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