In the movie “Spinal Tap,” guitarist Nigel Tufnel shows off an amp with a dial that goes from zero to 11. “It’s one louder,” he boasts. When asked why the amp strength for 10 is not simply increased, he replies, “These go to 11.”
In ocean shipping, the dial can swing in the opposite direction. Reported freight rates are sometimes below zero. Is this just a measurement mirage, à la Tufnel’s amp? Or do rates actually go negative, with shipowners effectively paying to move someone else’s cargo?
Negat...
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