A freight analyst Sea-Intelligence estimated that the coronavirus could lead to a loss of $350 million a week to container shipping lines.
There has been a significant shortfall in weekly export demand from China, estimated as low as 300-350,000 TEU (20 foot equivalent unit, a measure employed in sea container transport). The occurrence is the result of a void (cancelled) sailings and partial-loaded vessels from Europe are yet sail east.
Sea-Intelligence worked out the figure of the head-haul sailing which had been void as of last Friday; due to the coronavirus outbreak; further in expectation of dropping demand post the conclusion of the prolonged Chinese new year holiday.
The Loadstar also reported that a big volume of exporters has taken a hit by a spike in rates from carriers who are mending ways to recoup the price, irrespective of contracted rates.
Sea-Intelligence cautioned exporters those who are sending goods to Asia to be prepare for rate spikes as well as capacity issues.
Source: The Loadstar