Economic growth around the world is supporting the shipping industry, says the Baltic and International Maritime Council (BIMCO) in its latest macroeconomic assessment.
The organisation referred to the International Monetary Fund's (IMF) World Economic Outlook for January 2018, which revised its original global growth forecast up by 0.2 percent to 3.9 percent for 2018 and 2019.
The development in global growth is driven by higher growth in advanced economies than originally expected, explains BIMCO.
The IMF now predicts the GDP for advanced economies to grow by 2.3 percent in 2018, and 2.2 percent in 2019. If this growth materialises, BIMCO says it will be highly beneficial to the container shipping industry, as growth in advanced economies generates the highest trade-to-GDP multiplier.
While political events could undermine the development, 2018 is expected to bring fewer economic growth "derailing" events compared to 2017, according to BIMCO.
The organisation points to the US midterm elections in November, the renegotiation of the NAFTA agreement and the UK's Brexit deal as potential derailing factors.
BIMCO concluded: "It has been a long time since macroeconomic development has looked this positive and as supportive of shipping."