This is the second time that a major Chinese port has been forced to close due to the coronavirus. The port of Yantian, near the southern metropolis of Shenzhen, had to close for nearly a month from the end of May. As a result, the goods had to be returned to warehouses and factories and the prices of shipping containers increased sharply.
Prices are currently at record highs and are facing an increasing inflation. It is feared that this new setback will increase the prices of container ships.
The closure of Ningbo in August will be very painful for the world economy. This will have an impact on all Asian ports. In fact, the containers that are underway in this port risk being unloaded elsewhere and / or the boats will have to wait a long time before being berthed. Thus, ship rotations will also be impacted.
What’s more, towards the end of the year, Chinese economic activity at sea increases with the Western holidays around Christmas and the Chinese New Year in sight. “This could have an impact on Black Friday and the shopping season for celebrations. In the next 24 hours, we’ll know if this is a serious outbreak or not, ”said Josh Brazil, Project 44 vice president of marketing, supply chain expert.
Sources :
Businessam.be
Bbc.com
Beck John