Canary On The Capesize----Global Freight Rates Have Collapsed By 35%

BIMCO's chief shipping analyst Peter Sand said, “85.3% of Chinese seaborne imports from the US and 58.5% of US seaborne imports from China could become affected by the trade war, if the US and China implement tariffs on a further USD 200 and USD 60 billion worth of goods respectively." And with no demand to pull forward from the future left, Bloomberg reports that demand for the transportation of iron ore and coal on 1,000-foot Capesize vessels has collapsed by 39% since reaching a 2018 peak in early August.

https://www.zerohedge.com/news/2018-09-13/global-shipping-rates-collapse-trade-war-fears-erupt

 

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