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Bad news for shipping from G20 and Japan

After this weekend's summit in Australia between the G20 nations, Japan has entered a recession and British Prime Minister Cameron warns of a potential European meltdown. Meanwhile the nations commit to increasing global growth.

Photo: Port of Houston Authority

While leaders from the G20 nations met in Brisbane, Australia this weekend to discuss growth and employment, Japan sank back into recession in the 3rd quarter, and British Prime Minister David Cameron warned of a European meltdown - a development that does not bode well for shipping.

The unexpected decline in Japan's gross national product (GNP) last month happened while the Japanese economy is also trying to shake off the effects of a VAT sales tax increase back in April, and the unexpected negative development could make Prime Minister Shinzo Abe postpone another increase of the sales tax, which was otherwise set to hit Japanese consumers next year.

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