The US China trade war that began almost a year ago, is taking its toll as illustrated by revenues from the Panama Canal.
Yang Ming Marine Transportation Corp has announced a reorganisation of its Asian service network in view of the “rising global trade tensions”.
The changing political scene on both sides of the Atlantic pose major threats to the shipping industry, warns the influential London-based Greek Shipping Cooperation Committee (GSCC).
The ongoing China-US trade war has hit container volumes from China to the US, with China containerised exports to US ports dropping by 6.5% in the first five months of 2019 compared to the previous corresponding period, according to data by Alphaliner.
Weak container volumes in the first quarter have seen analyst Alphaliner cut its global container throughput growth forecast for 2019 to 2.5% from 3.6%.
With a single tweet from President Trump, the flames of the US and China trade war had rekindled and rattled the global economy.
Asian shipping and logistics executives are not overly concerned about the impact of the US and China trade war and see a shift in trade patterns.
Like a weary boxer, the Capesize freight market crumbled just before the knockout blow of escalating US - China tension.
China International Marine Containers (CIMC) saw in the first half, steady growth in its key container manufacturing business while other segments of the now highly diversified group did less well as the offshore segment for example, continued to suffer from the prevailing oil and gas market slackness.