BIMCO, the largest international shipping association, controlling around 65% of the world’s tonnage, said economic recovery has begun after the drag brought by the coronavirus pandemic, although the rate and duration of recovery could vary per company.

Peter Sand, BIMCO’s chief shipping analyst, noted that the "Covid-19 pandemic is still the major influence on the current shipping market."

“After the sharp and sudden shock of the pandemic, the economic recovery has begun and it is clear that it will be drawn out and uneven, both geographically and by sector,” Sand said in a brief statement.

He noted that huge stimulus packages have so far been enough to prop up some parts of the economy. However, these are “not magic pills,” and, with the “virus still spreading, global recovery is some way off.” 

Sand, noted, that there are also bright spots, including China’s record import of iron ore and container shipping’s ability to make a profit, despite the downturn.