I’ve done a few pieces over at Forbes about shipping prices, Baltic Dry and so on. Zero Hedge is saying that world trade has stopped. I say that trade volume is slightly up, shipping supply is largely up, prices of shipping thus fall.
And I have people quoting things like this at me:
Maersk owns the world’s largest container shipping company and is seen as a bellwether for global trade, which it estimated grew just 0-1 per cent last year against double-digit growth before the financial crisis. It forecast an increase of 1-3 per cent this year, still below its post-crisis estimate of 4-5 per cent growth.
From the FT to prove that I am wrong and ZH and the catastrophists are right.
These people are insane, right?