The recent coronavirus outbreak continues to bring mayhem to the logistics industry with many vessels not only planned to ship out of China, but now also other regions, being negated. Whilst exports out of China became scarce quite quickly after the outbreak, many export sailings from China have also since been cancelled. With 90% of all trade moving by sea, and with China being the industries main supplier of cargo, the supply chain has been thrown into turmoil, with all nations now being majorly affected.
Chief Executive Officer of Sea Intelligence Alan Murphy has advised at an estimate of USD $1,000 per container, shippers across the globe copped a loss of around USD $600,000,000 last week alone. In the meantime, exporters will continue to look into all other options to uphold product demand until the disruption is alleviated and trade is able to resume as normal.
Currently, the majority of provinces in China are steadily resuming work, but factories must submit mandatory applications to local authorities for approval in order to resume production. This is of course to ensure strict safety and hygiene policies are enforced. Aurora will continue to closely monitor the situation and keep all clients notified of any further updates.
In positive news, the New York Times has this week reported the number of people contracting the coronavirus in China appears to be slowing. However, statistics show over 75,600 cases of the virus have been detected worldwide, with it tragically taking over 2,100 lives so far.