Shanghai bunkering unaffected by mass protests - sources

“No disruptions have been reported to bunkering in Shanghai port,” sources tell Engine, amid ongoing civil unrest in the city.

PHOTO: Aerial view of deepwater port with cargo ships and containers in Shanghai. Getty Images

Mass protests and civil demonstrations have occurred in major cities in China, including Shanghai, Beijing, Chengdu, Wuhan and Guangzhou. They have been protesting over lenghtly and more stringent restrictions on movement under the government's zero-Covid policy, especially now during resurgent Covid-19 cases.

The number of daily Covid-19 infections in China reached a record 40,347 on Monday, and analysts do not expect the restrictions to be eased anytime soon. Larry Hu, chief China economist at Macquarie says, “without clear guidance from the top, local officials are inclined to play safe by sticking to the existing zero-Covid stance.”

Covid-related lockdowns have also impacted China's economy and crude oil demand.

Investment bank Nomura has lowered its GDP growth forecast for China for this year and next year as a result of concerns about Covid. According to Nomura’s chief China economist Ting Lu, “in GDP terms, nearly 20% of China’s economy was negatively affected by Covid controls as of Monday, close to the high of 21.2% recorded in mid-April during Shanghai’s lockdown.”

Shanghai has topped the list of the world's busiest container ports in recent years. For October, Shanghai's port authority reported a total cargo throughput of 43.9 million mt, and container throughput of 4.19 million TEU.

By Konica Bhatt

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