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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.

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