i'm joined by jim mccormick. >> where do we start? still, the shipping business is under a lot of pressure and a lot of people are looking at demand and china. is there a problem? ask there is probably too much negative sentiment around global growth. you look at the leading indicator and things have softened a bit. we have done work on what oil means for transportation and what it goes down, the transportation costs get lower over time. >> it helps the shipping side of business. on the other side, you look at the easing and that is not a sign that the world is in a good place right now. it is softer than what people are expecting in the big issue is that global inflation is lower. that is not necessarily a bad thing. from a backwards looking perspective i think people are getting it. >> i have to talk you about china. what is happening in china right now? >> is hard to read the numbers. the data tends to be flaky. i do not know. i think we are in a soft patch in a secular downtrend and we have seen these things before. our view is th