Before the coronavirus outbreak, shipping was already facing headwinds, including those caused by the trade war which has lowered volumes and changed trade patterns, both interesting developments which will continue into the future even as the world adjusts to the new reality.
Amid massive market uncertainty, BIMCO has analysed the potential implications of a pandemic for the commercial shipping markets and Chief Shipping Analyst, Peter Sand, will deliver the insights in a string of webinars in the coming weeks.
The World Health Organization (WHO) has declared the outbreak of the novel coronavirus a pandemic. There is little doubt that this will have significant implications for the shipping industry. But to what extent?
The coronavirus pandemic is impacting global shipping demand for 2020 negatively.
Even before the effects of the coronavirus, the ‘Phase One’ agreement between China and the US failed to boost volumes of the implicated goods in January.
While the Capesize segment has been massively impacted by the coronavirus, the smaller dry bulk segments are starting to recover towards profitable territory, partly on the back of seasonally higher grain exports from South America.