Page 6 - Al-Rashed Newsletter April 2020

SHIPPING WORLD

SHIPPING NEWS

South Korea to give $1 billion to ailing shipping firms during COVID-19

The South Korean government announced it would provide financial assistance
of ₩1.25 trillion (around $1 billion) to local shipping companies negatively
affected by the coronavirus pandemic.

The measure was prepared by Minister Moon Seong-hyeok, the country’s
Ministry of Oceans and Fisheries (MOF), as the worldwide spread of COVID-19
has caused substantial damage to the shipping industry. The corona virus
pandemic has added a major blow to the shipping industry which was already
struggling to stay afloat. Hundreds of sailings have been cancelled globally and
numerous vessels remain idled due to the outbreak.

Shipping Industry sways with COVID-19 and oil price crash

The shipping industry experienced major disruptions in Q1 of 2020 due to both
the Coronavirus and the crude oil price crash. The stunning events of April 20,
2020 when crude oil traded at negative $40 per barrel may have marked a
seminal moment in market history, and might very well have been the low point in
crude oil prices for all time. With the global usage of crude dropping by 70%.
While China's recovery is opening up their industries, other parts of the world has
closed. Demand is much less and spending habits are changing negatively. With
the low oil prices, the economy of oil producing nations would take a hit and

DID YOU KNOW?

Did you know Shakespeare invented
more than 1,700 words.

Did you know Einstein's brain was stolen
when he died.

Source : Hellenic Shipping news