The coronavirus will hit many sectors, but some recover faster than others. European companies in transport and logistics will recover relatively quickly, ING says.
ING calls it too early to quantify the impact of Covid-19. However, the bank does see that the effects of the virus have reached a wide range of sectors. "In Europe, tourism, transport, manufacturing and wholesalers were already feeling the effects of disrupted supply chains and travel restrictions in Asia." With many governments taking action in Europe too, the effects are becoming more widely visible.
The measures taken in China and South Korea to combat the spread of the virus are having a direct effect on European freight transport and logistics, ING writes. One in four containers at the ports of Rotterdam and Hamburg normally comes from China. The lower volumes faced by ports, also due to restrictions from the UK, will persist for several weeks. Some recovery is taking place now that container ships are again departing from China. Lower fuel costs should provide some relief, the bank concludes.
