Persistently rising prices and interest rates worldwide are threatening the global economic outlook and could spell trouble for shipping.

This was the view expressed on Tuesday by Polys Hajioannou, principal and chief executive of Safe Bulkers, at the TradeWinds Shipowners Forum in Athens.

“I was expecting since spring to start seeing some time in 2023 a reduction or peak of interest rates but we don’t see that coming — instead we see that they stay at high levels and this will continue, maybe for another year or so,” he told an audience of more than 300 participants.