The collapse in rates is nothing short of a bloodbath: "it was the third consecutive week of falling freight rates on the world’s busiest route and rates are now nearly 60 percent lower than three weeks ago.
Freight rates on the world’s busiest shipping route have tanked this year due to overcapacity in available vessels and sluggish demand in goods to be transported. Rates generally deemed profitable for shipping companies on the route are at about $800-$1,000 per TEU.
Other Europe-focused freight rates did even worse, with container freight rates from Asia to ports in the Mediterranean plunging 32.1%, while those to the US West and East coast slid by 7.9% and 9.9%, respectively.
This should not come as a surprise: it was back in March when we first reported that "Global Trade Volume Tumbles Most Since 2011; Biggest Value Plunge Since Lehman."
Quelle: zerohedge.com
Quelle: zerohedge.com
Quote:
Global Trade In Freefall: Container Freight Rates From Asia To Europe Crash 60% In Three Weeks
- Baltic Dry
- Central Banks
- China
- Global Economy
- Lehman
- Monetary Policy
- None
- Reality
- Recession
- Reuters
- World Trade
Three weeks ago, when we last looked at the collapse in trade along what may be the most trafficked route involving China, i.e., from Asia to Northern Europe, we noted that while that particular shipping freight rate Europe had crashed some 23% on just one week, there was some good news: at least the Baltic Dry index was still inexplicably rising, and at last check it was hovering just above 1,100.
That is no longer the case..
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