"Hundreds Of Millions Of Dollars Lost" As Shipping Rates Collapse Due To "Hugely Disruptive" Virus [zero hedge]
A.P MOLLER-MRS UNS/ADR (AMKBY)
NASDAQ:AMEX Investor Relations:
investor.maersk.com/investor-relations
Company Research
Source: zero hedge
"Hundreds Of Millions Of Dollars Lost" As Shipping Rates Collapse Due To "Hugely Disruptive" Virus Covid-19's effect on the global economy, energy markets, and the shipping industry have been absolutely disastrous, borderline crisis, if not, has already triggered the onset of the next financial crisis. OPEC slashed its oil demand forecast earlier this month, and Goldman Sachs doubled down on its bearish oil take and has cut its oil price target by $10 to $53 for the year, as a result of a "demand shock" that has collapsed Chinese oil demand by at least 20%, or as much as 4 million barrels per day. The plunge in energy demand in China, which by the way, is the world's largest oil importer, has stranded oil cargoes off the coast of the country and led to an oil tanker parking lot in Asia Pacific waters. The gears of the global economy have jammed, as demand and supply shocks from China risks triggering the next economic crisis. Paralysis is quickly developing across the global
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