The Chinese New Year this week ushers in the earth dog and sends away the golden rooster that saw the shipping sector make some recovery.
Will businesses continue to firm up now that the man’s best friend has taken the throne for the next twelve months — or will it take a bite out of shipowners' earnings.
Greece's Lion Shipbrokers says a canine year is considered good, but also turbulent.
Dogs are associated with mountains, Lion said, which means ups and downs in the markets.
The comments in a report coincided with the week that US stock markets saw their largest one-day point drop ever. "Hence, one should take extra care with investments this year," Lion said.
Shipping's efforts to be more friendly to the environment could pay off this year, the shipbroker said. "Companies ensuring the welfare and health of their consumers", particularly through increased investment in green shiprecycling and renewable energy, "will be rewarded with increased revenues".
The year of the earth dog might not favour shipping "as water is afraid of earth", Lion said.
But in Chinese astrology, the dog is a symbol of honesty and loyalty, so hopefully fortune will come to those who decide to choose honesty and fairness in their dealings.
