What’s bad for China is bad for ocean shipping stocks. China is pivotal to tanker and dry bulk demand, as well as to containerized cargo flows.
Analysts have been touting the reopening of China’s economy following COVID lockdowns as a positive catalyst for shipping stocks. Not only has that not happened but COVID cases in China have spiked — with 40,000 cases reported Sunday — and Chinese citizens have taken to the streets to protest lockdowns.
View entirety: Freightwaves