COVID-19 has had an unprecedented impact on global trade, bringing major challenges to the shipping industry with falling demand and disruption to the supply chain globally.
The WTO expects a c. 15-30% contraction worldwide in 2020, and even if demand recovers in 2021, the crisis will have significant impacts on the industry.In a contracting market, ports will need to increase their focus to survive. A more targeted strategy needs high level political support, and must have a clear pricing strategy to protect yield and embrace digital transformation to reduce costs and enhance margins.
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