Impact Of Covid-19 (Lockdown And Unlock) To Port Industry Of Navi Mumbai From Financial Year (April 2020 To March 2021)

Abstract

The global pandemic has had a devastating impact on seaports and their related industries, comprising the shipping and maritime industry. Based on the data UNCTAD the global Maritime trade declined by 5% in the initial quarter of 2020, which was elevated to 25% in the second quarter. The data of the entire financial year 2020 to 2021 is estimated to drop up to 20%. The motive of the research is to exclusively analyse the Navi Mumbai port industry and how covid change the perspective. The topic is related to identifying the impact of Covid-19 (Lockdown and Unlock) on the Port Industry of Navi Mumbai from Financial Year (April 2020 to March 2021); therefore, quantitative methods will be best. The outcome illustrates that the challenges that came in front of the port and marine sector include reduction in demand of freight, due to lockdown ports were shut down, the dispute in laytime arbitration, dispute between the owner and the character of vessels due to depletion of resources, bankruptcy due to diminished demand, and the mess to manage the company economics and income.