According to this report in Splash247, shipping lines are pulling out a tactic last used in the dark days of the global financial crisis: sending Asia-North Europe vessels via the Cape of Good Hope rather than transit the Suez Canal. The strategy has two effects – it saves a $500,000 transit fee and the longer sailing time soaks up unwanted capacity. “Most of the cargo would simply take up storage space if it arrived, within its normal schedule, to its likely coronavirus locked-down destination.”Also at The LoadStar:
Carriers cancel low-sulphur surcharges as fuel prices drop – along with demand
