In addition, the company added that it will scrap up to four older vessels.

Craig Jasienski, president and CEO of Wallenius Wilhelmsen commented that the company has been feeling the impact of the coronavirus, as the world economy and the global supply chains remain unpredictable.

Our strong focus on synergies and cost efficiency over the past years have put us in a solid liquidity position, but we are taking early precautionary steps now, to preserve cash,

... Jasienski added.

Overall, the shipping industry has been struggling with the pandemic, with many sectors experiencing the negative effects arising from the current situation. The majority of the ports worldwide have issued regulations and guidelines for vessels calling, additionally issuing stricter measures for vessels coming from countries with increased COVID-19 cases.

Except the shipping industry, the offshore sector has been dealing with the impact of this crisis; Brent marked a drop of around 25%, meaning the biggest decline since December 2008, when it fell nearly around 26%.

Concluding, BIMCO issued a statement revising its 2020 forecast, given today's developments, commenting that "this crisis has exposed several unwanted vulnerabilities to supply chains as we know them today."