The new year has started with the global economy in a precarious state. Emerging economies are expanding while advanced economies are struggling to keep pace. At the time of writing our 2012-2016 Tanker Market Outlook, global GDP growth was forecast at 4% with the IMF expecting that emerging economies would expand by 6.1% and advanced countries by 1.9%. However, against a backdrop of sovereign credit risks in Europe, a polarized political climate in the US and inflationary concerns in the developing economies, these figures were recently revised down. The tanker market has not been immune to the economic situation.