Economics
Global Container Shipments Set to Fall 30% in Next Few Months
- Europe, U.S. warehouses are full after virus decimated demand
- Shipments have dropped about 15% so far in 2020: ICS Chairman
Reach stackers transport containers in Uiwang, South Korea, on April 22.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Warehouses are getting so full of goods like fridges and washing machines that retailers are asking shipping companies to push back deliveries, which may drag global container shipments down as much as 30% in the next few months, according to the head of an industry group.
Shipments have probably fallen about 15% so far this year amid the coronavirus pandemic, according to International Chamber of Shipping Chairman Esben Poulsson. Second-quarter declines, compared with a year ago, will depend on by how much governments reopen economies, he said.