Shipping industry can face up to $1.7 bln loss in revenues amid COVID-19

The impact of the coronavirus outbreak on the shipping industry "is continuing to increase in scope, and the ripple effects are continuing to show up," said Sea-Intelligence, an analysis company specialized in the sector, in its weekly report. The observation comes at a time when industries and commerce are starting to slowly get back to work across China.

According to the document accessed by CGTN Digital, in the 10-week-period, comprising of the Chinese New Year and the ongoing coronavirus outbreak, the industry is being faced with a downfall of some 1.7 million TEU (twenty-foot equivalent unit is the inexact unit of a container), roughly 1.7 billion U.S. dollars in revenues for the carriers.

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