10.7 C
Hamburg
Sunday, May 31, 2020
Home Freight News Fuel prices slide on coronavirus outbreak fears

Fuel prices slide on coronavirus outbreak fears

Fears that the global economy will go into recession following the latest statistics that show a decline in Eurozone and US growth as well as a decline in Chinese output has seen the price of fuel also nosedive.

Market concerns over the spread of the coronavirus have led the North P&I Club to offer a digital tool that will allow shipowners and operators track the spread of the Coronavirus outbreak.

Called MyGlobeView platform the system displays an interactive map that allows users to “identify commercial risks and physical threats to shipping around the world – so that it now can provide live updates as to the number of confirmed cases of the virus, countries at risk and what to look out for.”

According to North P&I the platform sources information directly from the World Health Organization (WHO) and other leading health organisations.

MyGlobeView “Can assist ships with chartering, operations and help prepare staff for what to expect when arriving in port,” said a P&I club statement.

Simon MacLeod, North deputy director – loss prevention, said: “As well as receiving information from the WHO, John Hopkins University and other organisations tracking the virus, we also have a huge network of contacts in ports across the world, who are updating us with local information as the infection spreads. This means the software is as up to date and informative as possible.”

Fuel prices have fallen substantially today as the global economic slowdown gathers pace. The latest Marine Bunker Exchange index has seen fuel prices in all three major categories and in all three major regions make significant falls.

- Advertisment - LR Sustainability Decarbonisation Digital Adverts

Latest Posts

Levels of piracy are a function of poverty multiplied by the will to subdue it

Munro Anderson, is a partner at the security consultancy Dryad Global, which is involved in the monitoring and advising of shipping lines and local...

Ireland direct link to US starts in June

Direct services between Ireland and the US are returning with the addition of the Port of Cork to the International Container Lines (ICL) transatlantic...

Fire on Cosco boxship causes container losses off South Africa

The 2013-built container ship Cosco Sao Paulo suffered fire onboard and container losses in Cape Town outer anchorage, according to several reports. It is not...

Zhejiang Seaport orders more feeder vessels

Zhejiang Seaport Shipping Company has added to its string of newbuilding orders, with an order of four 1,000TEU feeder ships from the Singapore-listed Chinese ship...

Demand plunge forces industry leaders to prolong service suspensions

German carrier Hapag-Lloyd and the 2M Alliance of Maersk and MSC have decided to prolong temporary suspensions of some of their services as demand...