Shipping stocks have felt the force of the latest shots fired in Donald Trump’s trade war with China with market turbulence in the past week wiping out year to date climbs.

Red arrows were seen in every core shipping market last week as LNG carrier and dry bulk owners joined tanker and LPG peers in seeing their market values fall as a group.

“Investors are fearing demand growth and the global economic slowdown as evidenced by commodity prices taking a beating last week,” Clarksons Platou Securities analysts led by Frode Morkedal said.