The coronavirus outbreak has brought parts of the world’s shipping industry to the brink of paralysis, with disruption that began in China hitting shipping lanes on the other side of the world with no obvious correlation.

The sudden stop in economic activity has sent freight rates plunging on some lines, while rates on other lines have soared due to equipment shortages caused by the disruption. Data from the past two weeks suggest a recovery in activity is under way, but analysts also caution that another dip could be coming.

“The world is shutting down,” said Patrick Berglund, chief executive of Xeneta, an Oslo-based provider of data on container shipping rates. “We are super worried about what is happening. What is different [from previous shocks to global trade] is that usually it’s just a corridor or two. Now it’s worldwide. Everyone is panicking.”