The COVID-19 pandemic, the slump in global trade and the current collapse in oil prices are having a profound impact on international shipping — ...
Passenger vessels are usually quite small while oil tankers and bulk carriers can be very large vessels — over 300,000 DWT or more. But the largest cruise liners now being built are comparable in size. Some have a gross tonnage over 200,000 and can carry over 5000 passengers with about 2000 crew.
Container and bulk carrier shipping are experiencing major downturns in demand. Container ship operators are cancelling sailings in order to minimise losses, thereby eroding service reliability. Thousands of seafarers are now stranded onboard for periods well beyond their contracts, which can last up to nine months or even a year.
The depressed market for shipping may also lead to increased piracy and armed robbery against ships. The global financial crisis was a significant factor in explaining increased piracy and armed robbery both off Somalia and in Southeast Asia.
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