Coronavirus May Lead to ‘Largest Decline in Shipping Volumes in Living Memory’

March 24, 2020

As the retail industry across Europe and North America begins to effectively shut down as governments enforce widespread social lockdown, there are increasing warnings that the container shipping industry is set to see some of the largest declines in volumes in living memory.

According to liner analyst SeaIntelligence Consulting, the possibility of a 10% decline in global container shipments – which would equate to 17m teu carried by the world’s box shipping fleet and some 80 teu handled in global container ports – has “unfortunately moved closer to reality”.

SeaIntelligence Consulting chief executive Alan Murphy said: “Economists at Goldman Sachs are now forecasting a staggering 24% decline in US GDP in the second quarter of 2020.

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Source: The Load Star