In light of the ongoing coronavirus crisis, Allianz issued a research considering that the disease will bring greater impacts, worst than those of the US-China trade war. In fact, the research reveals that the losses of trade in good and services may amount $320 billion per quarter following the business disruption.
The US Energy Information Administration reported that the US natural gas consumption rose by 3% in 2019, achieving a record of 85.0 billion cubic feet per day (Bcf/d). The increase was due to new natural gas-fired electric capacity and lower natural gas prices.
A cruise ship company in Kobe, Japan, filed for bankruptcy blaming the coronavirus outbreak. It is reported that although the company had been struggling from the past, the coronavirus crisis led to the company filing for protection from creditors under the corporate rehabilitation law.
Maritime market data analyst The Baltic Exchange has issued its weekly reports for 24-28 February 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.
Following Panama Canal’s tariff increase, Maersk announced they will implement a Panama Canal Surcharge (PCC) for all cargo transiting through the Canal, which will come into force by April 1st, 2020.
In light of the misdeclared cargo contents, Wan Hai Lines announced that forced new measures against shippers who intentionally misdeclare cargo. In fact, the Taiwanese carrier company informed that if the declarations and the shipping documents are not true, it will immediately suspend the delivery operation.
Global shipping has taken an important hit because of the coronavirus, as more tonnage of container ships remain idle around the world, in comparison to the global financial crisis. As a matter of fact, docks in China are clogged as shipping containers or iron ore arrive.
International merchandise trade in the G20 continued its downward path during the fourth quarter of 2019. In comparison to the third quarter of 2019, exports contracted by 0.1% and imports by 1.3%, and now stand at their lowest levels in two years.
Commenting on the potential impact of the coronavirus on the European Union economy, EU’s economics commissioner Paolo Gentiloni, said that it is too early to provide such assumptions. He also added that that EU has rules that allow for more spending in emergencies.
Strengthening global growth could be derailed by a range of factors this year, including the coronavirus outbreak and a further escalation of trade tensions, although these tensions seem to be easing for the time being, says Peter Sand, Chief Shipping Analyst at BIMCO.
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