World shipping sector voices concern over Trump's anti-trade rhetoric

ELEMENTS of the shipping community voiced concern over anti-trade Republican president-elect Donald Trump after his victory over Democrat rival Hillary Clinton, who engaged in muted anti-trade rhetoric herself.

Maersk share value fell 4.25 per cent in Copenhagen trading after Mr Trump's narrow victory, reported the Wall Street Journal, which noted that Maersk Lines moved 15 per cent of world sea freight.

"The US is an important market for us, and a big influence across the world," said a Maersk spokesman. "It's too early to speculate about how the election result will impact our business."

Said respected New York maritime trade consultant Basil Karatzas: "There is little detail about Trump's trade policy, but his overall protectionist, anti-globalisation stance will likely hurt shipping. In the short term, it will likely lead to lower volumes at a time when shipping companies report earnings in bright red numbers."

Mr Trump has repeatedly criticised global trade deals such as the North American Free Trade Agreement and the Trans-Pacific Partnership, a trade agreement to lower or eliminate tariffs between the US and 11 other countries, including Japan and Vietnam.Said Sea Intelligence consultantcy chief Lars Jensen: "The greater risk to shipping is if such an action causes a ripple effect of other countries taking similar action. That would adversely impact shipping and ports."

Said Scorpio Tankers CEO Robert Bugbee: "I don't think anyone is cancelling his Christmas present deliveries. Business is business and I don't think Trump wants to be a one-term president by upsetting world trade."