The confidence of the shipping industry dipped slightly in the three months to end of August, a survey by international accountant and shipping adviser Moore Stephens shows.
Geopolitical tensions, including the escalating tariff spat between US and China might have depressed the overall numbers, but the confidence of both owners and charterers actually increased.
The average confidence level expressed by respondents was down to 6.3 out of a maximum possible score of 10, compared to the four-year-high of 6.4 recorded in May 2018.
Ship owner confidence clocked at 6.8, the highest level achieved by this category of respondent when the survey was launched in May 2008.
Charterer confidence rose from 6.7 to 7, the highest level for nine months.
Expectations of major investments were up in both Asia and Europe, the survey revealed.
Impact of trade war
Concerns about geopolitical factors dominated the conversation, said Richard Greiner, Moore Stephens shipping and transport partner.
Apart from US trade relations with the global economy, survey respondents also commented on state support for shipping in China and South Korea.
About 44% of respondents said they expected tariff wars to have "some" impact on the industry over the next 12 months.
Meanwhile, 42% categorised such impact as "considerable," and 11% felt that it would be "minimal".
"A small dip in confidence is not the news the industry wanted to hear, but confidence remains at its second-highest level for four-and-half years," Greiner said, adding that the shipping industry is beginning to slowly recover from a 10-year downturn.
