All the machines are slowing down ~ And the signals keep coming. The Baltic Dry Index – a measure of freight traffic – has just dropped to its lowest level in 29 years. This suggests a major, worldwide slowdown in global trade. And over on the other side of the world the Chinese Containerised Freight Index is dribbling along the bottom of the chart – down 30% since 2013. ~ 30 Oct 2015
Last week, I received news from a contact who is friends with one of the biggest billionaire shipping families in the world. He told me they had no ships at sea right now, because operating them meant running at a loss.
This weekend, reports are circulating saying much the same thing: The North Atlantic has little or no cargo ships traveling in its waters. Instead, they are anchored. Unmoving. Empty.