Freight Carriers Are Sailing Half Empty (feat. Martyn Verhaegen)

Demand has caved and supply chains are in distress!

In today’s episode we revisit our discussion on oil going negative and have Martin Verhaegen, Founder & CEO of Qwyk, a digital logistics platform, opine on oil’s big moment, its impact on the freight & shipping industry, the complex optimization done to balance demand and supply and the high costs pertaining to storage of oil.

We also learn about the concept of blank sailing where carriers are operating with half empty ships, thus balancing demand and keeping prices in check.

As the coronavirus pandemic took hold and demand collapsed, ultra-large container vessels have been sailing half full or sitting in anchor by the dozens, waiting for the world to open up again.

This crisis has impacted world economic flows and require new supply chain models to be developed, to adapt to sharp fluctuations between supply and demand.