“As a result of our forecasts we concluded that a significant decline in ocean transport volume and a restrained stance on customers’ investments will be unavoidable in the foreseeable future,” MOL said in a statement. “Based on the idea that we need defensive measures, we will immediately reduce our market exposure and review investment plans.” MOL’s move is the latest in a series of cuts taken by ocean carriers in recent months to deal with a steep decline in shipping demand because of the lockdowns aimed at stemming the spread of the coronavirus. Container sailings from Asia to Europe and across the Pacific are down at least 25% so far this year, according to Copenhagen-based research group SeaIntelligence Consulting, and several carriers are lined up for government bailouts or preferential loans. Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain […]