The coronavirus outbreak is generating weekly losses of $300-350 million to the shipping industry.

According to the Sea-Intelligence report, based in Copenhagen the deficit is 350,000 TEUs per week, reaching a figure of 250 million, based on average rate levels of around USD 1,000 per TEU.

This, as transatlantic services have increased the number of blank sailings in recent weeks, reaching 21, leaving 198,500 TEUs out of action.

This is in addition to the 61 blank trips already scheduled due to the Chinese New Year, bringing the total number of blank trips to 82.

For Asia-Europe, 10 departures have been eliminated due to the coronavirus, leaving 151,500 TEUs out of action, bringing the total number of blank trips to 54 across Northern Europe and the Mediterranean.

Sea-Intelligence warned in its Sunday Spotlight report that another side effect for global supply chains concerns shippers, who will have to plan for a very likely contingency, where they will experience a shortage of capacity and a sharp rise in freight rates.

Last week, analysts at another container shipping consultancy, Alphaliner, warned that the coronavirus will reduce container load volumes in Chinese ports, including Hong Kong, by more than 6 million TEUs in the first quarter of 2020. This volume contraction is expected to reduce overall container throughput growth by at least 0.7 per cent for the year as a whole.

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