The average number of container ships in Russian waters has dropped 60% from the November peak. The damage inflicted on Russia by sanctions was on full display as the economy swung into a contraction of 3% in April from a year earlier. Major shipping lines like Maersk, CMA-CGM, and Hapag-Lloyd suspended operations shortly after the start of Russia’s operation in Ukraine, leaving customers in short supply.
Over the recent couple of years, the supply chains have suffered a shock caused by the pandemic and the current geopolitical situation brings new challenges into the world’s trade, 90% of which is carried by sea.
The weight of global shipping companies will not change amid new circumstances and their stock value is expected to grow, according to analysts. In view of the market complications, experts do not expect new domestic players in the Russian market but forecast the increase of the Asian partners’ share.
Source: en.portnews.ru