Shipping has a habit of underestimating both the speed of downturns and the scale of recoveries, and the unprecedented global situation we are currently dealing with has fundamentally revised all market expectations, particularly in Asia where the industry’s over-reliance on the engine of Chinese economic growth is now suffering a structural shift.

Some, such as the Japanese shipping giants, expect trade volume to shrink significantly in the post-coronavirus era, others are more worried that the decoupling of US and China will create two independent production and consumption systems that could completely alter the current global trade patterns and rules.

These changes could potentially reshape shipping markets. Further, the virus has had major impacts on the economy, stranded crew, shipping operations and fleet efficiency. 

On the container shipping side the health crisis has struck yet another blow to the already fragile US-China relations and is disrupting cargo demand, forcing suppliers to take a shorter-term view on their production and logistic schedules. As a result, more shipment bookings are being placed or cancelled on short notice—something that carriers and forwarders are struggling to cope with.

Technology Forum - October 14:

Shipping appears to be driving in the fast lane of digitalisation, as it urgently needs to do. Further efficiency gains, cost cutting and regulatory compliance are not just matters of beating your competitors, but a game of survival to many companies amid new emission rules and disruptions brought by the viral pandemic. Executives are now encouraged to make better use of data, embrace new technologies and find the balance between digital and human intelligence.

Lloyd's List Outlook Forum - October 15:

This digital forum will be an exercise in gathering an expert consensus on what happens next in terms of markets outlook, financing the industry through this downturn and how to navigate the uncertainty that lies ahead.

Panellists: