Shipping Rates So Low That Renting a Ferrari Costs More

Really.

Chinese workers have the finished touch on a 175,000dwt Capesize bulk Carrier at a dry dock. — Chinese workers have the finished touch on a 175,000dwt Capesize bulk Carrier at a dry dock.
Photographer: Kevin Lee/Bloomberg

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By Alex Longley

January 20, 2016 at 12:00 PM UTC

This article is for subscribers only.

China’s slowing growth has crushed shipping rates to such an extent that hiring a 1,100-foot merchant vessel would set you back less than the price of renting a Ferrari for a day.