China economic slump means container ships are cheaper to hire than some wedding marquees

China's slowdown has caused the day-rates of container ships to crash

Will Worley
Wednesday 20 January 2016 20:27
Comments
A container ship sails towards Colombo Harbour as the sun sets in Colombo, Sri Lanka
A container ship sails towards Colombo Harbour as the sun sets in Colombo, Sri Lanka

China’s economic slowdown has resulted in an unexpected development.

It is now cheaper to rent one of these...:

Onlookers watch from a harbour wall as the largest container ship in world, CSCL Globe, docks during its maiden voyage, at the port of Felixstowe in south east England

...than one of these:

The cost of hiring a Capesize class container ship, which are too big to travel through the Panama or Suez canals, has fallen 92 per cent since last summer, according to Bloomberg.

It now costs $1,563 (£1,100) to use one of the ships for a day, not counting fuel costs. In August 2015, the day rate was $20,000.

In contrast, a 50-person wedding marquee, with tables, chairs, dance floor and PA system costs £1,183 ($1,687), according to marqueehire.co.uk.

Capesize class ships are mainly used to carry raw materials, such as coal and iron ore - typically to ports in China as the country underwent a period of huge and unprecedented economic slowdown.

The price of renting a type of marquee online.

The economic slowdown in China accompanies a fall in global oil prices, in anticipation of Iran flooding the global oil supply - which is already in surplus - with even more cheap oil. This week it became cheaper to buy a barrel's worth of oil than the barrel it comes in.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in