2020 became the year of challenges for the marine transportation segment — S&P Global Platts




For several recent years, the maritime transportation segment already faced many difficulties, and 2020 already brought new challenges: the COVID-19 pandemic and the crash of petroleum prices, declared the Managing Editor on Freight Markets at S&P Global Platts, Samuel Eckett, within frames of the online-conference Grain&Maritime Days Online, on May 28.

The reporting situation contributed to reduction of the freight costs, which became a challenge for forwarding companies both in South America and the Black Sea region. Nevertheless, S&P Global Platts expects that petroleum prices will gradually increase, S.Eckett said.

According to the expert, the situation remains very difficult, because even the People's Republic of China did not set any specific target for economic growth for the year, which only underlines the uncertainty of both the global economy and trade.