From Baltic Dry Index4 Nov 2014 14:25
The virtue of patience
However, at a macro-level, if the oil price remains low for a prolonged period – a usual indicator of sluggish economic growth – shipping lines will feel even greater pressure than those over the last year or so, as a slowdown in the global economy impacts international trade.
“Normally declining oil price means [slower economic growth, therefore] less demand for shipping. However, we haven’t seen such correlation this time,” said Tor Svensen at DNV GL, the world’s largest ship classification society, which also provides technical advice to the oil and gas industries. “Personally I don’t believe the current decline is long-lived. It probably will not last for more than half a year.”
Source: Big News Network