Trick or Treat?

As the Halloween holiday comes creeping in, many shipowners find themselves wondering if the next few weeks will bring a trick or a treat from the markets. The economy in the United States seemed to have received a treat earlier this week when the Department of Commerce reported 3.5 percent economic growth during the third quarter of this year. The GDP growth beat economists’ expectations and fueled a spike in crude oil and other commodity prices. The first signs of growth in over a year also inspired speculation that the economic recovery is moving into its next phase. While this good news has yet to translate into direct support for crude oil demand and freight rates, small leading indicators suggest the tanker market may be poised for a slight recovery. Download here