Is the world buying less ‘stuff’?

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The Guardian he reported that:

Goldenport, one of the last shipping companies left on the London Stock Exchange, has delisted from the market and sold off six of its remaining eight vessels for $1 (69p) each.

The giveaway reflects the most dismal shipping conditions in decades, caused by economic slowdown in China combined with an oversupply of vessels due to a building spree during a previous boom.

Three thoughts.

First, this is market failure: the world shipping tonnage increased massively between 2010 and 2013.

Second, this what recession looks like.

Third, this may be because the world is beginning to buy less 'stuff'.

One of those is good news in the long term.