COVID-19: Direct Impact to Global Trade
The outbreak of a novel Coronavirus ("COVID-19") in Wuhan in late-2019 eventually led to a drastic quarantine effort in mid-January to lock-down Wuhan, followed shortly thereafter by the surrounding Hubei province and other major cities. China's efforts were drastic, essentially completely turning off their economy for over a month, but they were required to halt the dramatic spread of this virus. Virtually overnight, roads were emptied, energy consumption plummeted, and shipping routes froze in place.
These efforts wreaked havoc on global shipping markets, especially the dry bulk segment,