COVID-19 has had a tremendous impact on businesses around the world. The transport and logistics sector, especially in the Asia-Pacific region, has been one of the hardest hit. Companies had to quickly pivot their strategies to cope with new challenges brought on by the pandemic, with initial success.
Major logistics providers are grappling with the short-term effects of country-wide lockdowns, as shuttered borders continue to restrict movement of goods and services. DHL reportedly suffered an impact of US$79 million to their February earnings.
Shipments of cargo from China have seen a four-to-six-week delay; likewise, in India, over 500,000 cargo trucks were reported to have been stranded on highways.