A. P. Moller Maersk A/S (OTC:AMKAF) (OTC:AMKBY) expects the Shanghai lockdown to severely hurt trucking services and increase transport costs as China's intensifying efforts to fight the spread of COVID-19 further rattled the global supply chains, reported Reuters.
What Happened: The Chinese coastal city locked down half of the city and intended to do the same to the other half for four days starting Friday in a two-stage testing exercise, the report noted. While it has kept its airports and deepwater port open, it has imposed stringent movement curbs.
