How American ports are rebounding after the pandemicin Trends by Ankur Kundu
The pandemic has been hard on almost all sectors, where many global economies were headed towards a close recession. It was only after when lockdown restrictions eased worldwide that the economic situation began to improve.
One of the sectors that suffered a deadly blow was the shipping industry. Consumer demands dried worldwide and ports were the first to feel the crunch. With declining tonnage throughout 2020, compared to 2019 levels, the only ports that benefited were transshipment hubs like Panama, where ships had to stop over when the US declared a complete lockdown.
Ever since consumer demands began picking up to pre-pandemic levels before Christmas last year, the port sector has seen significant changes. Now, American ports, being backed by considerable investments are eying for the future. New container terminals are being built with private-sector partners, showing the way for construction companies worldwide.Read more…