So, talking about shipping. And the lead part is about Hanjin and container shipping.
Which they illustrate with a chart of dry bulk and crude carrier rates – the other two part of the market.
Doesn’t get better:
Before the recession, tanker freight rates were in the region of $45 a metric tonne, according to the information provider S&P Global Platts. Over this past summer the rate averaged just $9 a metric tonne, and it slipped below $5 a tonne the day Hanjin folded.
No, really, just no. It never did cost $9 million to rent a 200k tonne tanker. Not for any trip anywhere. And it doesn’t cost $1.8 million now.
I think our journalist might have got confused between the day rate and the per tonne rate.