Exports: Freight Rates From Asia To Europe Are Zero

HT Yves Smith @ naked capitalism, full post here: http://www.nakedcapitalism.com/2009/01/asia-europe-shipping-rates-drop-to-zero.html

This is an "add-on" to my post about "export-mania" yesterday, see here: http://thefrugalplain.blogspot.com/2009/01/exports-aceso-for-latvia.html

Ambrose Evans-Pitchard at Telegraph, see full article here: http://www.telegraph.co.uk/finance/4229198/Shipping-rates-hit-zero-as-trade-sinks.html writes today:

Freight rates for containers shipped from Asia to Europe have fallen to zero for the first time since records began, underscoring the dramatic collapse in trade since the world economy buckled in October.

"They have already hit zero," said Charles de Trenck, a broker at Transport Trackers in Hong Kong. "We have seen trade activity fall off a cliff. Asia-Europe is an unmitigated disaster."

Export bulls should be partying, as they can ship and make their customers happy virtually free of transport charge ... Now, open your eyes ... slowly!