This is not good news. The per ton cost of renting a ship may be the best single indicator of world trade health. The go-to place for that information is the Baltic Dry Index which summarizes $US cost to bulk ship a ton of dry goods for the entire freighter industry. It crashed in 2008 but "free" is new territory!
Will we be warm, beneath the storm in Canada?
UPDATE: Shipping firms defaulting on their debt. March 2012
|Longer term from 1985 to 2009|