This is the time of year when our real estate market usually takes off. At Regan + Ferguson Group, our 2020 goals, budget, and payroll were based on market
How will global trade change due to Covid-19?
- With economies everywhere in recession, people will buy less; hence cargos will be reduced
- Lower oil prices due to the recession would allow ships to run faster. But with less cargo available they probably won’t; they might even slow down
- Procedures at every port will be more elaborate. = health checks for all crew; decontamination of containers probably not needed.
- Cargo handling possibly slowed by the need to keep separation between dock workers
- The contents of containers at their final destinations might have to be decontaminated
- Charter rates fall for liquid and dry bulk cargos because of the worldwide economic slowdown