China's ports and shipping firms are bracing for a second wave of supply chain disruptions that may be deeper and more prolonged than during the country's coronavirus lockdown as the global spread of the virus chokes off international demand.
BEIJING - China’s ports and shipping firms are bracing for a second wave of supply chain disruptions that may be deeper and more prolonged than during the country’s coronavirus lockdown as the global spread of the virus chokes off international demand.
But with virus outbreaks now overwhelming healthcare systems and shutting logistics channels in other major economies, exporters and industry analysts warn that global demand for products made and shipped out of China looks set to plunge. And while volumes rebounded in March as manufacturing and logistics operations rebooted, exporters fear that outbound shipments may be in for an even steeper slump in the months ahead.
Container vessel utilization rates from Shanghai to north America and Europe were at 85% last week, down by 10 percentage points from a week earlier, data tracked by Shanghai Shipping Exchange showed. Daily container handling volumes at China’s biggest port in Shanghai last week hit 110,000 TEU, about 90% of pre-virus levels, and other ports are also trying to rush through shipments to overseas clients before more stringent movement restrictions kick in.
A CNTAC survey showed that 37% of 242 companies reported export order cancellations last week, while the number of firms reporting export orders at less than 50% of pre-virus levels rose by 11.4 percentage points to 26.4%.
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