A note on the first months of the Covid-19 pandemic and its effect on shipping worldwide and in Iran. The author explains how the slowdown in China's economy, one of the biggest players in trade, led to lower trade volume and value, empty voyages and idle fleets.
Published in Marine News, 3 Khordad 1399 · a note by Dr Mehrshad Kouhestani
Key points
- After a good start to the year, the spread of Covid-19 threw the shipping market into turmoil within a short time.
- Tankers and bulk carriers came under pressure as factories in China closed and demand for oil fell.
- Cruise ships suffered the most damage, and several vessels faced quarantine and bans on berthing.
- They saw the fall in trade volume as temporary and tied to the period of the outbreak.
The view of Shipo Market's founder
Dr Kouhestani warns that if China's economy stays slow, some shipping lines and carriers could be pushed into bankruptcy, and Iran is not safe from this wave.
Source
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