BIMCO says coronavirus comes at worst time for shipping

Mar 03, 2020 at 08:14 AM CST - 1
The outbreak of the coronavirus, originating from Wuhan, China, comes at one of the worst time for the shipping industry, which is currently struggling with the additional fuel costs from IMO 2020 and the switch to low-sulphur fuels, according to Baltic and International Maritime Council (BIMCO), the largest of the international shipping associations representing shipowners. “Demand is destroyed in China due to the coronavirus. Demand stemming from consumer spending, power generation and industrial production is lost every day that large parts of China remain quarantined. That demand will not necessarily rebound once the virus is contained,” BIMCO Chief Shipping Analyst Peter Sand said.

Mar 03, 2020 at 08:14 AM CST

- 1

The outbreak of the coronavirus, originating from Wuhan, China, comes at one of the worst time for the shipping industry, which is currently struggling with the additional fuel costs from IMO 2020 and the switch to low-sulphur fuels, according to Baltic and International Maritime Council (BIMCO), the largest of the international shipping associations representing shipowners. “Demand is destroyed in China due to the coronavirus. Demand stemming from consumer spending, power generation and industrial production is lost every day that large parts of China remain quarantined. That demand will not necessarily rebound once the virus is contained,” BIMCO Chief Shipping Analyst Peter Sand said.