Container ports “will take years” to recover from the coronavirus pandemic, but accelerating trade regionalisation could increase hub-and-spoke transhipment services.
According to PSA International CEO Tan Chong Meng, the industry should be prepared for a recession.
“Bankruptcies will increase, unemployment pressures will rise and consumption will remain relatively sluggish in the medium term,” he noted in a letter to employees.
“Therefore, our business, which relies on trade volumes, will likely be set back …
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Source: The Loadstar