Shipping confidence up but concern builds over newbuilding glut

Overall confidence levels in the shipping industry have shown a slight improvement over the past three months, according to the latest Shipping Confidence Survey from leading international accountant and shipping consultant Moore Stephens. But there are high levels of concern about the harmful effects of the glut of newbuildings that will continue coming onto the market over the next year.

The average confidence level expressed by respondents, on a scale of 1 to 10, was 5.5, compared to 5.4 in the previous survey in February 2009. Owners, managers and charterers all exhibited a small increase in confidence in connection with the shipping markets in which they operate. Confidence among brokers, meanwhile, was marginally down, and the lowest among all categories of respondent. Geographically, the highest confidence level was recorded by respondents in Asia.