TRADITIONALLY, when a US president (or US president-elect) speaks, it can impact sentiment in markets, including shipping markets. Journalists and analysts parse presidential quotes in the same way they scrutinise quotes from the Federal Reserve chairman.

Before the second term of Donald Trump has even begun, it’s safe to say that shipping journalists and analysts face a different task in the next four years. These are not the finely crafted words of a Fed chairman.

Yes, Trump did say on Tuesday that he will not rule out military action against Panama and that he could hit Denmark with tariffs if it doesn’t hand over Greenland.

But realistically, does anyone see American troops pointing guns at Panama Canal Authority workers and forcing them to operate the waterway the same way Russian troops force Ukrainian workers to operate the Zaporizhzhia nuclear power plant?

As for tariffs on Denmark, imagine the backlash from the US population — the largest Danish export to America is Ozempic.

This was the same press conference that Trump said “the windmills are driving the whales crazy, obviously”; gas heaters are better than electric heaters — “it’s much better heat. As the expression goes: you don’t itch” (there is no such expression) — and American showerheads need higher water pressure (“even in areas that have so much water you don’t know what to do. It’s called rain. It comes down from the heavens, and no water comes out of the shower. It goes drip, drip, drip.”)

And then back to more falsehoods on Panama: “They want our help because it’s leaking and not in good repair and they want us to give $3bn to help fix it.”

Tuesday’s press conference hammered home that shipping journalists and analysts must focus on what actually happens that does, in fact, affect shipping markets, and ignore the noise.

There will certainly be policy changes that affect shipping after Trump takes office in 12 days, but there will also be (and already is) a lot of talk that’s nothing but talk.

Will maritime charts and shipbroker reports have to be rewritten to change “Gulf of Mexico” to “Gulf of America”? Or will French fries remain French fries and never be “Freedom fries”? Time will tell. It will be a long four years.

Greg Miller
Senior maritime reporter, Lloyd’s List

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