Shipping rates hit zero as trade sinks - DFWstangs Forums
 
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post #1 of 4 (permalink) Old 01-13-2009, 07:01 PM Thread Starter
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Shipping rates hit zero as trade sinks

Quote:
"They have already hit zero," said Charles de Trenck, a broker at Transport Trackers in Hong Kong. "We have seen trade activity fall off a cliff. Asia-Europe is an unmit*igated disaster."
...
Korea's exports fell 30pc in January compared to a year earlier. Exports have slumped 42pc in Taiwan and 27pc in Japan, according to the most recent monthly data. Even China has now started to see an outright contraction in shipments, led by steel, electronics and textiles.
...
Idle ships are now stretched in rows outside Singapore's harbour, creating an eerie silhouette like a vast naval fleet at anchor. Shipping experts note the number of vessels moving around seem unusually high in the water, indicating low cargoes.
http://www.telegraph.co.uk/finance/4...ade-sinks.html

The economy is not going to rebound soon.
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post #2 of 4 (permalink) Old 01-13-2009, 09:14 PM
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No bueno. But then again it's not all bad as it evens out the field across the board...
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post #3 of 4 (permalink) Old 01-14-2009, 07:15 AM
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thats not a surprise

98 Brokra
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post #4 of 4 (permalink) Old 01-14-2009, 07:22 AM
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The good news is that the US shipping doesn't look near as bad as the rest of the world.

I'm convinced that our stumble will cause other countries to fall. Hopefully, jobs will be coming back to the US as Americans desire to have cheap imported garbage decreases.

1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams


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