Although industrial growth figures in the UK are only just positive, other indicators around the world suggest that the future may be brighter for the shipping industry. The Institute of Supply Management index in the USA is showing an improvement, whilst exports and new orders in China rose faster in January than at any time in the past five years. The fact that HSBC has chose to re-locate its CEO to Hong Kong and is planning its listing on the Shanghai Stock Exchange shows that they thin the major economic growth will be in this area of the world. The outlook for freight and shipping is less positive in Europe, where economic development is patchy.