Most global shipping companies have suspended cargo bookings temporarily to and from Russia amid the Russia-Ukraine crisis, according to data and analytics company GlobalData on Tuesday (22 March). The firm notes that essential goods such as medical equipment, food, and humanitarian aid continue to be transported.
Sathiya Jalapathy, Business Fundamentals Analyst at GlobalData, comments: “The decision by many global shipping companies to halt their services to Russia could put the country in a difficult position as it will struggle to import goods such as motor vehicles and spare parts, industrial machinery and equipment, apparel and electrical machinery.”
GlobalData identifies some of the key shipping companies that have suspended their operations:
One company that continues to transport goods is COSCO Shipping. The company’s tanker fleet continues to transport crude oil, which is Russia’s major export commodity, to China.
Jalapathy adds: “COSCO is offering economic succour for Russia as it faces a barrage of economic sanctions from various governments.”
For more information about how the Russia-Ukraine crisis is affecting industries, download GlobalData’s Ukraine Conflict: Executive Briefing.
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