Meanwhile, with China switching its trading partners due to geo-political issues, increased trade with South Africa for bauxite and with the US for coal is also auguring well for vessels with tonne miles going up.
'The coronavirus impact is much bigger than what the market had predicted. We are helpless and simply watching the market at present. Nothing can be done,' said Anil Devli, chief executive officer (CEO) of Indian National Shipowners' Association (INSA).
BSE Power, Healthcare, Capital Goods, FMCG and Metal indices gained between 0.6-1%.
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