Bloomberg (January 20)
2016/ 01/ 22 by jd in Global News
“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.” Since August, daily rates for Capesize ships have plummeted 92% to $1,563, while a Ferrari F40 runs $5,597. That figure excludes fuel costs of roughly $4,000. Even included, however, the total $5,563 daily cost for the vessel still remains cheaper than renting the Ferrari.
Tags: Capesize ships, China, Ferrari, Fuel costs, Growth, Shipping rates
