Sail with the tide: COVID-19 impact on global economy, logistics supply chains, and ports & shipping industry

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Abstract

Abstract
Historically, epidemics and plagues are repeatedly reported to have happened since the ancient civilizations (Egypt, Greece, Rome and imperial China). Most known examples of a devastating global pandemics in recent history are the ‘Black Death’ (14th century) and the global influenza (1918-1919), also known as ‘Spanish Flu’, that has killed nearly 50 million people in the world. Even though
pandemics may vary in their dimensions, length (short vs. long), scope (local/regional, national, global) and severity of effects (minimal effects or maximal effects), they all represent distinct exogenous and endogenous shocks that have far reaching effects on population, health, economy and other societal domains.
Currently, the Covid-19 pandemic has relentlessly spreaded around the world, leaving behind destructive marks on health, populations, economies and societies. The Covid-19 could spread quickly around the globe because of the current structure of the global economy, which is highly interconnected through sophisticated global transport networks. An important characteristic of a such
networked complex system is it vulnerability to unattended events of systemic risk such as the Covid-19 pandemic for example. These systemic risks cause substantial cascading effects, which lead to extreme outcomes that could permanently alter economic, environmental, and social systems.
In this article, we first, present, discuss and analyze the potential impacts of the Covid-19 on global economy, trade and supply chains, by focusing on Europe and/or the Netherlands. Second, we examine the effects of the Covid-19 crisis on the shipping industry and on the hub ports and the policy measures that have been applied by different countries around the world.
Original languageEnglish
Title of host publicationImpact of COVID-19 on maritime industry
Subtitle of host publicationglobal shipping think tank alliance
EditorsYoung Tae Chang, Meifeng Luo
Place of PublicationShanghai
PublisherGSTTA
Chapter1
Pages8-28
Publication statusPublished - 2020

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