The port and shipping sector in China is getting ready for a second wave of supply chain disruptions that may be deeper and more prolonged than the recent COVID-19 lockdown, as the global spread of the virus impedes international demand.
The Baltic Exchange, the world’s independent source of maritime market data, has issued its reports for the last week, 21-27 March 2020, to provide information of the bulk and dry market performance. The information is used by shipbrokers, owners & operators, traders, financiers and charterers as a reliable and independent view of the dry and tanker markets.
The COVID-19 pandemic has brought an unprecedented disruption to global maritime trade, and an even bigger crisis is down the road unless global coordinated action is taken. Amid a growing uncertainty, the great dilemma for governments seems to be protecting public health and maintaining trade transport at the same time.
The European Commission has prolonged for another four years the ‘Consortia Block Exemption Regulation’. The regulation outlines the conditions under which liner shipping consortia can provide joint services without infringing EU antitrust rules.
Wallenius Wilhelmsen decided to take strong action to be ready amid the COVID-19 pandemic. The company will withdraw the proposed dividend for 2019, recycle up to four vessels, while it will also place up to 10 vessels in cold lay-up in order to address vessel overcapacity.
The Baltic Exchange, the world’s independent source of maritime market data, has issued its reports for the last week, 13-20 March 2020, to provide information of the bulk and dry market performance. The information is used by shipbrokers, owners & operators, traders, financiers and charterers as a reliable and independent view of the dry and tanker markets.
Global cruise giant Carnival Corporation expects net loss results of operations for the fiscal year ending 30 November 2020, as a result of the disruptions brought by COVID-19 pandemic.
In light of the current market environment, oil major Shell decided to decline its operating costs by up to $4 billion in 2020 and to cut its capital expenditure from $25 billion to $20 billion.
Following the COVID-19 pandemic, US ports are now asking for $6.5 billion in grants and direct assistance, to balance the challenging situation.
Shipping firm Wallenius Wilhelmsen announced that amid the COVID-19 crisis and the disruptions in the industry, cuts its dividend to zero and will mothball up to 10 vessels. In addition, the company added that it will scrap up to four older vessels.
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