Mid-Year Outlook Report

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Welcome to our latest outlook report.

Following the January edition, our mid year report provides an update on some of our key markets, looking at how the year has developed and what we might expect for the second half of 2021.

Unsurprisingly the first six months of 2021 have been very much focussed on the three Cs: China, Covid and Carbon. The first is still the dominant force in shipping, the second continues to have an impact across the globe, and the third is fast becoming one of the key priorities in sustainable shipping.

The combined effect of logistical complexity and growing demand has driven the upward market trends in dry cargo and bulk commodity derivatives. This has been sustained and in the first half of 2021 was boosted by the rest of the world following the Chinese engine.

At the same time the Tanker market has been greatly hampered by Covid related uncertainty, OPEC+ supply cuts and capped by the overhang of crude stored in 2020. The Tanker market outlook for the second half of 2021 is more positive and the combination of stock drawdowns and positive demand are welcome.

Carbon trading is much anticipated at SSY, and we look forward to working with our clients to support the IMO’s climate goals. We have launched our Carbon desk which provides offsetting services and support to all clients, and we are also working with our data partners to create solutions to help give our clients better insights and access to information.

No doubt the carbon emissions space will be complex and fast moving but as a world-class ship broker we know that we can make a difference to our customers by embracing this challenge. We are also working towards our own carbon neutrality and looking at how we can reduce emissions across our global offices.

We hope the lessons we learn from this process will help to inform your journey too and that together we can help build a more sustainable future. 

You can read our full report here - https://www.ssyonline.com/media/1972/ssy-mid-year-review-2021-final.pdf

Mark Richardson

Chairman, Simpson Spence Young

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