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Shipping sector will recover from the impact of Covid-19, finds survey


The majority of traders and operators in the shipping sector feel that Covid-19 has negatively affected their revenue, employee headcount, and insurance premiums. However, their prospects for the future are bright, with only a third citing concerns about the sector’s ability to recover within the next two years, according to a new survey by DWF, informed a communiqué. 


The survey, of 200 traders and operators working in the shipping and commodities sector, found that 63 per cent of respondents felt that Covid-19 and the subsequent lockdowns had a negative impact on their revenues. 60.5 per cent said that there was also negative impact on employee headcount, and 46 per cent said that there was negative impact on insurance premiums. 


However, the outlook is more positive, with 42 per cent citing that they are not very concerned about the shipping and commodities sector’s ability to recover from the economic effects of Covid-19 within the next 2 years, as opposed to 36 per cent citing concerns.
Mr Jonathan Moss, Head of Marine and Trade at global legal business, DWF, said, “Traders’ and operators’ confidence demonstrates the resilience of the shipping sector. The shape of globalisation is changing and international trade is sufficiently flexible to carry out the necessary adjustments to ensure that the sector will continue to thrive in the long term.”

 

Source: Exim News Service: London, Oct. 15

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