Cruise News - Maritime News

As the maritime world collectively feels its way forward in a time now defined by the COVID-19 pandemic, the organizers of the SMM in Hamburg, traditionally the world's largest and most influential maritime and shipbuilding trade event, share market overview insights on the economic consequences of the coronavirus pandemic throughout the the shipping industry.

The Covid-19 pandemic has turned the world economy on its head. “The recession this year will likely be more severe, and recovery in 2021 will be slower than we anticipated two months ago,” says Gita Gopinath, chief economist at the International Monetary Fund (IWF). She believes the global economy will shrink by nearly five per cent. The maritime industry will be hit especially hard: The global lockdown disrupted major supply chains. Maersk, the industry leader, saw container transports decrease by at least 15 per cent during the second quarter.

SMM did not escape the effects of the coronavirus either: Holding an event with more than 2,000 exhibitors and around 50,000 visitors as early as September was simply inconceivable. The leading international maritime trade fair had to be rescheduled for 2 to 5 February 2021. But the industry’s response to the postponement has been affirmative: “We can gladly say that about 90 percent of the exhibitors for SMM 2020 will also be participating at SMM 2021,” said Claus Ulrich Selbach, Business Unit Director – Maritime and Technology Fairs & Exhibitions at Hamburg Messe und Congress (HMC), adding: “Together we will overcome this crisis.”

Seeing many countries reopen gradually is encouraging. China's economy is stabilising, and many countries are reopening their borders. But all that does not constitute a return to normality: In many emerging and developing nations the pandemic hasn't even reached its peak yet. A situation marked by uncertainties, and an enormous challenge to the maritime industry.

Read more...www.smm-hamburg.com/en/