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Harpex update




Shipping activity continues to impress on the upside. The Harpex index of shipping costs (an index which focuses exclusively on container ships and is thus largely independent of the commodities market) is now up 45% from its all-time lows of late last year. How can concerns over a possible Greek default manage to derail the strong global economic momentum reflected in this index? I think the market is just suffering from another case of the heebie-jeebies.

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