Danish shipowners see 500m kroner in foregone annual revenue from scrapping of TPP

Singapore

DANISH shipowners stand to lose the chance of expanding business volume by 500 million Danish krone (S$101.7 million) annually if the US and other member states of the Trans-Pacific Partnership abandon the trade deal.

Anne Steffensen, director-general and chief executive officer of the Danish Shipowners' Association, told The Business Times that the TPP agreement is projected to result in a 1.9 per cent expansion in global gross domestic product according to data from the International Monetary Fund and the Peterson Institute for International Economics. Assuming Danish shipowners - including the world's leader in container shipping, Maersk Line - maintain their global market share, "the TPP would have an economic impact of around 500 million Danish krone or about US$75 million", she said. This estimate covers all segments of Danish shipping.