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Shipping market reels from coronavirus

Shipping market reels from coronavirus

Shipping companies that carry goods from China to the rest of the world say they are reducing the number of seaborne vessels.

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"A closure of the world's manufacturing hub impacts container shipping at large, as it is a vital facilitator of the intra-Asian and global supply chains," said Peter Sand, chief shipping analyst at BIMCO.

All shipping segments have been hit by the economic impact from factory shutdowns and travel restrictions put in place across China to control the spread of the virus.

The longer the health crisis lasts, the harder it will be to move goods around the world. The coronavirus outbreak has killed more than 560 people and infected at least 28,000 — mainly in China, where close to 60 million people are living in cities on lockdown.

Giant shipping companies such as Maersk, MSC Mediterranean Shipping, Hapag-Lloyd and CMA-CGM have said that they have reduced the number of vessels on routes connecting China.

 

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