The first quarter of the year has brought reasonable financial results for several major Danish shipping companies, but geopolitical unrest — particularly the trade war between the US, China, and the EU — is expected to impact trade patterns, among other things. 19 out of 24 shipping companies believe that trade patterns will change as a result of the ongoing trade war.

“Our ships sail where there are goods to be transported. Danish shipping companies are resilient and adaptable, and that’s why I’m optimistic that they will get through the current turbulence and uncertainty,” said Anne H. Steffensen, CEO of Danish Shipping.

Danish Shipping surveyed the CEOs of 35 of the largest Danish shipping companies. 24 responded — representing over 90% of Danish tonnage. Despite significant geopolitical unrest and an ongoing trade war, the shipping companies’ expectations for the next 12 months remain fairly stable — without major fluctuations. This applies to freight rates, financing opportunities, and the workforce. Only a slight dip is seen, for example, in investment expectations for new vessels.

“Danish shipping companies are essentially ready to invest — especially in ships that can run on alternative fuels. But the industry is expected to hold back a little due to the current uncertainty in global markets. This should not be viewed as permanent caution — rather as prudent foresight given the current situation,” Anne H. Steffensen explains.

Since the survey among Danish Shipping’s largest members was conducted, the US and China have agreed on a tariff truce. According to CEO Anne H. Steffensen, this highlights just how rapidly global market conditions are changing at the moment:

“Reality today is different than it was just two weeks ago. No one knows what the future holds for global trade, but the shipping companies are not panicking. They are letting reason and patience prevail. Statements from the US president create uncertainty around global trade flows and thus the market in which our shipping companies operate. It can change from one day to the next.”