Shipping companies that carry goods from China to the rest of the world say they are reducing the number of seaborne vessels, as measures to stop the spread of the
coronavirus crimp demand for their services and threaten to disrupt global supply chains.
About 80% of world goods trade by volume is carried by sea and China is home to seven of the world's 10 busiest container ports, according to the United Nations Conference on Trade and Development. Nearby Singapore and South Korea each have a mega port too.
UPS (
UPS) and FedEx Express (
FDX) said they continue to fly into and out of China. UPS said it has seen reduced demand for its services as a result of business closures.