CARGO traffic at China's sea
ports is expected to have
dropped by six million TEU
owing to the prolonged Lunar
New Year holiday, a move implemented
by the Central government to curb the spread of the coronavirus, according to Alphaliner estimates.
The
analyst said in its weekly newsletter that the volume contraction is anticipated
to cut global container throughput growth by at least 0.7 per cent for the full
year, reported World Maritime News.
"The full impact of the
Chinese coronavirus outbreak on container volumes will not be fully measurable
until ports announce their throughout numbers for the first quarter, but data
collected on weekly container vessel calls at key Chinese ports already shows a
reduction of over 20 per cent since January 20 2020," Alphaliner's
newsletter further states.
Shipping lines continued to blank
sailings in February as cargo volumes dived. The voiding of sailings is likely
to continue until mid-March, negatively impacting an economic recovery.
Wuhan
handled 1.7 million TEU of containerised cargo in 2019, accounting for 0.6 per
cent of total Chinese port throughput.
The coronavirus threatens not
only the Chinese economy but potentially that of the entire world.
"The Chinese government will
need to initiate far-reaching stimulus measures to counteract the economic
effects of the virus once it has been contained. China has already halved
tariffs, from five per cent to 2.5 per cent, on US$75 billion worth of imports
from the US, originally implemented in September 2019," BIMCO predicts.
"Other countries in the
region, such as Japan and South Korea - both of which saw low growth in 2019,
with Japan's falling by 6.3 per cent in the fourth quarter of 2019 on an
annualised basis - could feel the knock-on effects of the coronavirus crisis.
It has the potential to harm both countries' exports and disrupt supply chains,
given the interconnectedness of manufacturing in the region."
As factories and offices in China
remain closed for prolonged periods BIMCO believes this might also affect the
implementation of the phase one agreement between the US and China, especially
if China finds itself unable to increase its imports from the US by the amounts
outlined in the deal.
Source : HKSG.
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