Hapag-Lloyd, the German container shipping group, has reported that customers cancelled 30% of shipments to the United States from China, according to Reuters.
A spokesperson for the company told Reuters on Wednesday that the cancellations were attributed to the trade conflict between the United States and China.
The spokesperson also noted a "massive increase" in demand for consignments originating from Thailand, Cambodia, and Vietnam.
The trade conflict involves tariffs introduced by U.S. President Donald Trump, which have resulted in 145% U.S. duties on Chinese goods and 125% Chinese duties on U.S. goods.
Hapag-Lloyd stated it is utilizing smaller vessels on the route to the U.S. in some cases, while maintaining the number of passages.
The International Monetary Fund warned on Tuesday that global economic output is expected to slow in the coming months due to the impact of U.S. tariffs. President Trump later on Tuesday expressed optimism regarding potential progress with China to substantially lower tariffs on imports but also cautioned that "if they don't make a deal, we'll set the deal".
Hapag-Lloyd AG is a German international shipping and container transportation company. It is one of the world's largest container shipping lines, operating a large fleet of vessels and containers. Formed in 1970 through the merger of Hamburg-Amerikanische Packetfahrt-Actien-Gesellschaft (HAPAG) and Norddeutscher Lloyd (NDL), Hapag-Lloyd offers global shipping services across various trade routes. Its main business is liner shipping, transporting containerized cargo worldwide.