The Indian shipping company's industry was hit by a corona virus

New delhi date. 09 February 2020 Sunday

China's black-haired Corona virus has reduced its rate of rains. Due to this, Indian shipping companies are likely to hit March quarterly earnings. Freight rates have dropped drastically and they are affecting the shipping industry.

"In January, our business was affected and the fourth quarter revenue is also expected to hit," said a shipping company official. Trading of large crude carriers, which used to be one million dollars a day in December, has now dropped to $ 15,000 per day.

The Baltic Dry Composite Index, which was on December 10, 1500 points. It dropped to 431 points in the current weekend. The Baltic Cap Index has also fallen into the negative zone.

Due to the relatively lower prices of crude oil and improvement in industrial activities, revenue from tankers during the third quarter was good but tanker rates have now fallen.

An official of the Indian National Shipowners Association said that every kind of work in the shipping sector was being affected. However there are different types of this effect. We are only now looking at the impact is very serious. China consumes 16% of the total crude oil produced in the world, but consumption has declined in China as a result of which China's crude oil imports have also fallen by 4%. He said the impact on oil transport through the sea was affected.