Harpex update

After a six-week pause, the Harpex index of container shipping costs in the Atlantic is once again on the rise. As an alert reader pointed out last week, the strongest component of the index is for the Class 8 type of ship—the very largest of the containerships. That sub-index has now returned to its early 2007 levels, having risen a spectacular 300% from its low 8 months ago. That likely counts as the most impressive V-shaped recovery I've seen so far.