• Breakbulk & Project Cargo
  • 25-27 April 2022 | #Breakbulk22
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Dr. Patrick Newport

IHS Markit

Executive Director, US Economics

Dr. Newport tracks the trade and housing sectors for the IHS Markits’s Macroeconomic Service and serves on client consulting projects. He manages long-term economic forecasts and co-manages the macroeconomic model. He joined the company in 1998. Previously, he worked as a research economist for the Washington State Department of Revenue, where he later served as a senior economist for the Office of the Forecast Council of Washington State. He holds a Bachelor of Arts in Business Administration and a Master of Arts in Economics from Louisiana State University, US. Dr. Newport attained his doctorate in economics from Harvard University, US. He speaks English and Spanish. He is a native New Orleanian.

Sessions With Dr. Patrick Newport

Tuesday, 26 April

  • 08:45am - 09:30am (CST) / 26/apr/2022 01:45 pm - 26/apr/2022 02:30 pm

    General Session

    The Global Economic Outlook From IHS Markit

    A flood of spillover cargo into the breakbulk sector threw the interdependence of breakbulk and container shipping into stark relief during 2021. When consumer demand rebounded sharply after early-COVID economic contraction, it took economists — and everyone else — by surprise. The rebound sent a wave of cargo that normally moves on container ships into the breakbulk sector, pushing up rates and sopping up capacity that had long been taken for granted. Thanks to this demand rebound, global trade grew 12.6 percent in 2021, recovering from the 2020 COVID slump, and it is expected to grow another 4.3 percent during 2022. However, the higher transportation costs, shipping congestion, and spillover pressure that come with this recovery won't be dissipating anytime soon. Given that reality, what are the implications for overextended supply chains, global trade patterns, and production locations? What are the most likely scenarios for global trade's "next to normal?” Pat Newport, who tracks global trade and manages long-term economic forecasts for IHS Markit's macroeconomic service, will tackle this question for us in remarks and in a sitdown Q&A session with Janet Nodar, the JOC’s senior editor for the project and breakbulk cargo.