Global trade flows are flat or falling in all major regions as the world economy flirts with recession for the first time since 2008/09 - which will cut growth in oil consumption, especially for mid-distillates such as diesel. Freight volumes handled through major ports such as Long Beach and Singapore as well as air cargo handled through hubs such as Hong Kong, Memphis, London and Frankfurt are either flat or down compared with 2018. Hong Kong International Airport, the largest air freight hub in the world, has seen volumes fall more than 5% in the three months from March to May compared with a year earlier. ... (full story)