Mid-Year Outlook Report 2022

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Welcome to our mid-year Outlook report.



You can read the full report here.

When we look back over the first six months of 2022, there are numerous events that have contributed to what's been a turbulent time for economies across the world. The conflict in Ukraine has had far reaching consequences. This, together with global weather events, the energy crisis, growing inflation, the ongoing impact of COVID-19 and disruption to supply chains, has resulted in a highly volatile environment for the shipping industry. In this report we take a look at the effect of these factors, including the impact on cargo supply, demand and bunker costs.


The dry bulk and tanker sectors have witnessed a shift in trade flows as alternatives for Russian cargoes have been sought and so earnings have been hugely volatile. The impact of sanctions has resulted in a change of demand affecting rates across a number of markets. The S&P market has continued to grow with the rest of 2022 showing no sign of slowing down yet. LNG has continued to be affected by both demand and the underlying price for gas, and in the derivatives market the increasing uncertainty and subsequent risk has had a knock-on impact on FFAs.


Carbon is a hot topic of conversation, and we continue to work with clients to ensure they are ready for the changes that will come in when shipping is included in the EU ETS in 2024, and also for those keen to be involved in the voluntary carbon market. As the global economy collectively holds its breath to see what happens next, our SSY Finance team provide advice to clients on their options for ship financing. As seaborne trade has become more complicated, disrupted and riskier over the last six months, our role to help our clients navigate these challenges has been brought to the fore. Our expert team of research analysts and data experts has continued to provide our clients with the most up to date insights, helping them to make informed choices and manage their risk effectively.


As an organisation we've continued to grow and expand into new markets. In January we opened our new office in Athens, and we expanded our S&P department with the acquisition of Anchor Shipbroking. The first six months of this year have been extraordinary and, along with all our clients, we will be carefully watching how the remainder of the year plays out.


Over my 20-year history with SSY the shipping industry has seen its fair share of major events and if there's one thing that's certain, we'll continue to be challenged. The measure of success will be our ability to remain flexible and stay on top of the shifting trade patterns. On a personal note, this is my last Outlook report I'll be introducing, as I will be retiring from SSY at the end of this year. Hopefully before then I will see many of you and I look forward to keeping in touch with my many friends among both our colleagues and customers.

As ever we thank you for your strong support and we look forward to working with you for the rest of 2022 and beyond.


Mark Richardson


Simpson Spence Young



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