Almost 600,000 20-foot boxes are currently out of action as a result of the virus.
The unprecedented gyrations caused by the virus matter because 90% of all trade moves by sea and China has grown into the maritime industry’s main source of cargoes. The disruptions have left toy makers like Hasbro Inc and fashion houses like the owner of Michael Kors, Versace and Jimmy Choo struggling with their supply chains. Vessels are idling. And exporters to China face diversions as clients there use force majeure clauses in their contracts to walk away from commitments to buy cargoes.
Container vessels that routinely move goods worth hundreds of millions of dollars in single shipments are at the sharp end of the turmoil. The number of blank sailings – where ships don’t load at a planned location – has jumped since the outbreak began. AP Moller-Maersk A/S, the world’s largest shipper, has listed at least 27 blank sailings since Jan 31 on its website.
There’s a knock-on effect for exporters in other nations too. Containers are typically used in US and other regions to carry those countries’ exports. The lack of liners hauling containers from Asia, may soon mean countries like the US face a shortage. It’s already getting a little more difficult to get empty ones in Canada, said Greg Northey, a spokesman for industry group Pulse Canada.
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