Global Shipping hit by the Coronavirus outbreak
In the observance of the recent events around the world, specially the Health crisis with the coronavirus outbreak in China that has spread to over 25+ countries with more than 28000 people infected and 560 deaths, the political situation in the USA and the race to the White House while the president has been acquitted by the senate; The UK still dealing with the Brexit, the world is seeing a great challenge in the economy growth this year.
Many Industries are starting to see the difficulties into the supply chain specially from China that is also affecting globally many countries and we are starting to see that the closure of many factories and manufacturing hubs in China. This will delay the production and shipments that at some point will also hold up many cargo in the Container yards and airports impacting shipping at large and limiting demand for containerized goods transport.
With almost 80% world goods trade by volume by sea, China is the home of seven of the ten busiest container ports in the world. Shipping companies that carry goods from China to the rest of the world are reducing the number of vessels threaten to disrupt global supply chains. The backlog of shipments that typically follows the Lunar New Year will be made worse by the current situation, pushing ocean freight and air freight rates up and exacerbating delays.
Hopefully we can see soon a light for the cure of the coronavirus and the spread can be stoped or controlled.