It was thirty days around the horn
The captain says it's thirty five more
The moon looks mean
The crew ain't stayin'
There's gonna be some blood
Is what they're all sayin'
Global container volume is down, as are associated shipping rates. The benchmark price is shipment of a 20 ft container from Shanghai to Northern Europe.
Since July, rates have fallen from $1200 to below $800. YOY % change in global container volume is near zero.
Another data point pointing to slower global growth. Also suggests problem ahead for leveraged shippers and their financiers.