THE MARINETIME EXECUTIVE | The novel coronavirus which causes COVID-19 first broke out in the port city of Wuhan, China, in December 2019. The economic impact of the global lockdown is harshly felt, with the global freight and shipping industry being the biggest casualties. Global shipping markets have now declined, with the collapse in demand for goods from China having an effect on everything from container ships to oil tankers. Demand has dropped across the board, including at ports, the trucking industry, and the shipping industry. The subdued global demand is also evident in the decline in oil prices, which has had a negative impact on the offshore and onshore oil and gas industry.
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