Someone told me yesterday that the Capesize cargo ships his company uses to import and export its product have fallen in price from $220,000 a day to $9,000 a day. That’s no typo — these ships can now be had for less than 10K per day. Daily rates are continuing to plummet.

The Baltic Dry Index shows the drop off in demand for cargo ships dramatically. The BDI measures the demand for cargo capacity against the supply of dry bulk cargo ships.

Ports across North America are suffering — a complete reversal of the situation a few years ago when the ports couldn’t keep up with demand and were suffering from traffic jams. Have a look at the Port of Halifax’s schedule this week. It’s not busy.