Fall in Asian shipping rates adds to fears about global trade slowdown

Singapore

STEEP drops in Asian shipping rates are adding to fears about slowing trade, as a fall in export orders from countries across the region depresses demand for ships carrying 90 per cent of world trade.

Rates for container ships carrying finished goods are down 30 per cent this year, close to record lows despite a recent rebound, and rates for bulk carriers used to transport goods such as iron ore and coal are also near historic lows.