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The outbreak of the novel coronavirus, recently dubbed COVID-19, continues to generate massive economic and financial uncertainty when it comes to China and global shipping.
High fleet growth in 2019 and the coronavirus in China are clouding the outlook for 2020, despite the expected lower fleet growth.
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. This especially holds true for the commercial shipping markets, which remain heavily reliant upon China, both on the import and export side.
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.
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 sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipping industry at outset of the new decade. Four months on, the spotlights have turned to the coronavirus and the OPEC+ oil price war.
In the coming months, BIMCO’s Chief Shipping Analyst, Peter Sand, will participate in BIMCO’s very own webinar series: The Shipping Markets Checkpoint: threats and opportunities in a COVID-19 world, as well as numerous insightful virtual conferences focusing on the commercial shipping markets.
Geopolitical tensions have now eased, leaving freight rates to feel the full effects of the weak underlying market and falling demand. Tanker shipping looks set to be under pressure for the rest of the year.
Despite lower volumes being fixed in the spot market, it is key to tracking developments in the container shipping market, as it quickly responds to the changing situation and adjustments to demand and supply.
