Slowing output from the coronavirus outbreak could cut Chinese port volumes by 6 million containers this year
The research firm said in a report that it projects the impact of factory shutdowns and other restrictions hitting China’s economic output will reduce global ocean container volumes, a major piece of global trade, by about 0.7% over the full year, or about 6 million containers.
Brokers in China said bookings for container ships, tankers and dry bulk vessels are falling rapidly and that the slowdown could extend until March. “Workers from crane operators to customs officials and truck drivers are staying home,” Mr. Lei said. “It’s always slower during the Lunar New Year holidays, but this is something else. People are afraid to interact and it’s killing business.”
Danish maritime giant A.P. Moller-Maersk A/S said it will cut two sailings in the key Asia-Europe trade loop over the next two weeks. A number of other carriers have canceled sailings, too, including France’s CMA CGM SA and Taiwan’s Evergreen Marine Corp. The virus is also stopping work at China’s shipyards, where dozens of ocean-going vessels are undergoing repairs or are scheduled to be retrofitted with sulfur-trapping exhausts in line with a mandatory global maritime directive to drastically cut ship sulfur emissions.
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