Shipping industry points to more Asian economic weakness

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 percent of world trade.

Although shipping rates also reflect sector-specific factors such as vessel orders and seasonal demand swings, analysts say they can act as a bellwhether of global trade given that the vast majority of goods are transported by ship.