Read about how the COVID19 pandemic induced the biggest oil price crash in history. And what is the impact on maritime shipping?
Economists are already referring to the global slump brought about by the coronavirus as the world’s worst-ever economic downturn – a “Greater Depression” that’s even worse than the Great Depression in 1929-32. With lockdowns, closed frontiers and stay-home restrictions reducing road, rail and air traffic to an absolute minimum and economic activity having slowed down to an almost standstill the world over, the global demand for oil has fallen through the floor. On April 20 the price of the May futures contract for West Texas Intermediate (WTI) plunged to never-experienced negative territory of minus $40. In other words, US oil producers actually had to pay people to buy or store their oil. Since that historic low, the price of WTI and Brent crude has recovered somewhat but still remains at levels not seen for decades. It’s a simple equation, basic supply-and-demand economics. With supply significantly outpacing demand in the global oil market, the price of “black gold” has slumped.
We used FleetMon’s historical AIS data to investigate irregularities year-over-year regarding vessel activity and maritime traffic at the Chinese coast and other crucial waterways related to Coronavirus spreading. Part 1/2
Vessel activity at Chinese Coast drops every year around Lunar New Year
In 2020: the drop lasts 6 weeks instead of 2 to 3 weeks due to Corona crisis
FleetMon investigated on the vessel activity of principal waterways via historical AIS data
No Coronavirus-related reduction in global vessel activity visible yet
We show you three activities on FleetMon made for real ship lovers to get Coronavirus pandemic out of your head.
Global Coronavirus led to minimizing public life and impacts our habits as well. Many people are not only forced to stay in quarantine at home but also voluntarily hide themselves away with their families. We show you three activities on FleetMon made for real ship lovers. To all the pilots, navigators, seafarers, long-term crew members, and ship spotters: Now is the perfect time to become involved in our community-based platform to forget the Coronavirus madness for a while.