China Ocean Freight Indices Plunge to Record Lows

• China Ocean Freight Indices Plunge to Record Lows
  by Wolf Richter, http://wolfstreet.com/  
  … exports of goods are deteriorating at an equally stunning pace. February’s 25% plunge in exports was the 11th month of year-over-year declines in 12 months, as global demand for Chinese goods is waning.
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  And ocean freight rates – the amount it costs to ship containers from China to ports around the world – have plunged to historic lows. The China Containerized Freight Index (CCFI), published weekly, tracks contractual and spot-market rates for shipping containers from major ports in China to 14 regions around the world. Unlike most Chinese government data, this index reflects the unvarnished reality of the shipping industry in a languishing global economy. For the latest reporting week, the index dropped 4.1% to 705.6, its lowest level ever.
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  It has plunged 34.4% from the already low levels in February last year and nearly 30% since its inception in 1998 when it was set at 1,000. This is what the ongoing collapse in shipping rates looks like: (top of post)
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