Asia-Europe Shipping Rates Drop to Zero

http://www.nakedcapitalism.com/2009/01/asia-europe-shipping-rates-drop-to-zero.html
This is no regular cycle slowdown, but a complete collapse in foreign demand," said Lindsay Coburn, ING's trade consultant....The World Bank caused shockwaves with a warning last month that global trade may decline this year for the first time since the Second World War. This appears increasingly certain with each new batch of data.

Mr de Trenck predicts Asian trade to the US will fall 7pc this year. To Europe he estimates a drop of 9pc – possibly 12pc. Trade flows grow 8pc in an average year.He said it was "illogical" for shippers to offer zero rates, but they do whatever they can to survive in a highly cyclical market.Offering slots for free is akin to an airline giving away spare seats for nothing in the hope of making something from meals and fees.