Sea-freight rates are falling even though it’s the peak period for cargo to be moved before the year-end shopping season and some of Hanjin Shipping Co.’s vessels were forced to stop work after it filed for court protection.

The Shanghai Shipping Exchange China (Export) Containerized Freight Index, a common measure of shipping rates for exports from China, remains at half its level four years ago amid overcapacity and weaker global trade.

“Hanjin Shipping is too small to have a real impact on the industry,” said Park Moo Hyun, an analyst at Hana Financial Investment Co. in Seoul.

“The real problem is there are too many ships.”

Source: Bloomberg