Many companies are struggling to stay afloat as the impact of the coronavirus outbreak sweeps across supply chains, slashing production in China and dealing a blow to global trade and the movement of goods.
Businesses from apparel brands to makers of toys, cars and electronics say sourcing problems in China are hampering production and could delay shipments of some goods into the second quarter of this year.
The largest U.S. gateway for seaborne imports from China is projecting a 25% drop in container volumes this month as the economic impact of the coronavirus spreads across shipping operations far from the outbreak.
DP World is buying a large cargo terminal near Canada’s Port of Vancouver from Macquarie Infrastructure Partners for $290 million as the Dubai-based port operator extends its reach in Canadian shipping operations.
A.P. Moeller-Maersk A/S is facing a weak year as the coronavirus outbreak takes a toll on shipping volumes and freight rates after broader market conditions sent the Danish shipping giant to an unexpected fourth-quarter loss.
Shipping volumes out of China are plummeting as the impact of the coronavirus outbreak takes a deeper toll on industrial production, and ocean carriers are bracing for financial blows from the diminished output.
Wayfair is trying to show investors it can moderate its losses as revenue growth slows and investor appetite for unprofitable companies dries up. The online furniture seller lost $330 million in the past quarter.20