The port and shipping lanes of Asia, the arteries of worls trade through which goods and commodities surged in the boom times, are starting to seize up as the Financial crisis strangles demand.
The Baltic Dry index a signpost of economic trends which tracks the cost
Of moving goods across the oceans has set off alarm bells by plummeting
85 percent from its peak in May to a six year low.
Share prices of some major shipping companies which haul bulk freight such as iron pre coal and grains destined to be turned into manufactured
Goods have fallen 50-70 percent in the past few months.
Therwe are reports of idle vessels being put to anchor and question marks over the many orders for new ships that were placed in brighter times years ahead of expected completion dates.
Container shipping was hit first earlier this year as demand for Asian-made good in the US and Europe dropped off,a casualty of the sub-prime mortage crisis and poor consumer confidence. In a chain reaction the countless Asian factories churnint out eletronics and consumer items for the US and European markets began lowering output and the need for raw materials declined. Container shippers bulk operations and port authorities across the region are reporting slowdowns.
Malaysia’s port klang said it had been hit by a decline in cargo handling since the start of October blaming a retail downturn and lower vehicle sales in the united states and Europe.
Shanghai international port said that growth in cargo traffic dropped sharply to.9.9percent in the first half of 2008 on the increasingly grave global economy and trade situation.
The Baltic Dry index a signpost of economic trends which tracks the cost
Of moving goods across the oceans has set off alarm bells by plummeting
85 percent from its peak in May to a six year low.
Share prices of some major shipping companies which haul bulk freight such as iron pre coal and grains destined to be turned into manufactured
Goods have fallen 50-70 percent in the past few months.
Therwe are reports of idle vessels being put to anchor and question marks over the many orders for new ships that were placed in brighter times years ahead of expected completion dates.
Container shipping was hit first earlier this year as demand for Asian-made good in the US and Europe dropped off,a casualty of the sub-prime mortage crisis and poor consumer confidence. In a chain reaction the countless Asian factories churnint out eletronics and consumer items for the US and European markets began lowering output and the need for raw materials declined. Container shippers bulk operations and port authorities across the region are reporting slowdowns.
Malaysia’s port klang said it had been hit by a decline in cargo handling since the start of October blaming a retail downturn and lower vehicle sales in the united states and Europe.
Shanghai international port said that growth in cargo traffic dropped sharply to.9.9percent in the first half of 2008 on the increasingly grave global economy and trade situation.
