The Cass freight index appears to show expenditures and Shipments tracking fairly closely.

The same is not true for bulk ocean freight. The London-based Baltic Exchange index is a weighted average based on 11-20 international ship routes and three commodities – coal, iron ore, and grain that measure the spot market for ocean shipping. Capesize vessels (That can carry 100,000+ tons and can’t go through the Panama Canal) daily rate is now $7,188, a 42.5% decline during last week and down from $24,000 per day in mid-July.