How the Covid-19 Crisis is Moving the Shipping Industry Towards a Spot Driven Rate Procurement Model and Reduce Cost through Shipsy’s Inquiry Module

The spread of the novel coronavirus causing COVID-19 is affecting the shipping industry in unprecedented ways. As a large number of containers are stuck in transshipment and countries have put restrictions on movement of ships to contain the spread of the virus, it has lead to a mismatch in the demand and supply in the market. As a result, existing RFQs are seeing Force Majeure being invoked and shippers are using spot rates to make bookings to transport their goods.  Moving To Spot RatesThe Demand and Supply mismatch in the market has lead to a lack of availability of containers.…