Tuesday, July 6, 2010
I suppose the worst thing you could say about the Harpex Shipping Index is that it is a lagging indicator. After all, it didn't turn up until earlier this year, well after the global economy started turning up last summer. Nevertheless, it is catching up with a vengeance, as it now more than double what it was at the end of last year (up 115% to be precise). At the very least, this tells us that demand for container shipments in the N. Atlantic has improved rather dramatically in recent months. Last I heard, the European economy was still alive and well, and I see today that the Euro is up 6% from its recent lows.
Once again, how one can look at things like this and worry about a double-dip recession is beyond me.
Posted by Scott Grannis at 11:20 AM