COVID-19 first broke out in the port city of Wuhan, China, in December 2019. The economic impact of the global lockdown is considerable, with the global freight and shipping industry being among the biggest casualties.
Global shipping markets have declined; the collapse in demand for goods from China is having an effect on everything from container ships to oil tankers. Demand has dropped everywhere, including at ports, the freight forwarding industry, and the shipping industry. Weak global demand is also evident in the decline in oil prices, which has had a negative impact on the oil and gas industry.