#China lockdown full

The downstream impact is coming, and it’ll be heavy.” John Bree, the chief risk officer at Supply Wisdom, said. Then you will see more omissions of Shanghai as a port and canceled sailings, and the impact will increase.” “But this is likely to change in the coming weeks if the lockdown is not removed. “Until now most vessels have still been calling Shanghai almost as per normal-this means cargo to Shanghai does not end up in the wrong place,” Jensen said.

#China lockdown full

And Lars Jensen, the CEO of the shipping container industry consulting firm Vespucci Maritime, told Fortune that the full impact of China’s policies will only begin to reveal itself over the coming weeks. One in five container ships is now stuck at ports worldwide, with 30% of the backlog coming from China. And global supply chains are beginning to feel the crunch as well. Fuel demand in China is on track to drop 20% this month in the biggest decline since the first wave of COVID-19 lockdowns more than two years ago, sources told Bloomberg on Friday. Now, the economic effects are starting to show.

While China’s tech hub Shenzhen has emerged from its nearly month-long lockdown, China’s biggest city, Shanghai, home to the world’s largest container port, has remained shuttered since March 28. Frustration is rising over food shortages, people being locked down in their homes for weeks, and a policy of killing pet dogs suspected of being infected with COVID. President Xi Jinping’s zero-COVID policy is being tested as the country struggles to tame its worst virus outbreak yet.