Shipping industry’s outlook remains positive 

Against all odds, the shipping industry, expected to be sailing in treacherous waters following; the US-China trade war, the introduction of IMO2020 – an environmental regulation set to reduce emissions released from vessels, and disruptions stemming from the unprecedented coronavirus outbreak, navigated 2020 well. Shipping companies, demonstrating considerable resilience at the peak of the pandemic, reported improved year-on-year operating results. The optimistic results achieved by the majority of shipping companies have been a result of; stringent capacity deployment through blanked sailings, lower-than-expected bunker fuel price, and ultimately a less severe decline in global trade volumes than previously anticipated. What has kept the industry afloat? In an attempt not to trigger a supply-demand imbalance that could negatively impact the freight rate and ultimately hurt profitability margins, shipping companies at the peak of the pandemic announced blanked sailings. A blanked sailing is a shipment that the carrier has cancelled. Cancellations typically involve a vessel skipping one port or the entire string. By reducing supply, container-shipping companies, through the...