COVID-19 impacting demand for shipping
Below are links to three PDF articals taken JOC and American Shipper last week.
Please see the attached articles from JOC and Logistics Management on falling imports, GDP contraction, and potential port bottlenecks. The last article outlines Hapag-Lloyd’s reasons for passing on fees for infrastructure improvements at NY-NJ Ports assessed by the Port Authority.
The Logistics Management article states GDP may drop as much as thirty-eight percent (38%) in the second quarter and five percent (5%) for the year. YIKES! The port congestion article outlines potential bottlenecks despite the drop in import volumes due to cancelled or requested delayed deliveries by retailers.
Right now we are not experiencing issues at US ports with delays or bottlenecks.