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"Trade at international ports is on track to drop by more than 10 percent this year, one of the steepest declines ever, according to a new maritime industry report.

Cargo ships will carry 27 million fewer containers by year's than they did in 2008 — a reduction roughly equivalent to all of the cargo containers handled by the five busiest U.S. seaports in a typical year, according to London-based Drewry Shipping Consultants' Container Forecaster Report.

“There has never been a decline like this before. We have never seen numbers like these,” said Neil Dekker, editor of the Drewry report. “The container industry is looking at a US$20 billion black hole of losses. We can expect a lot of casualties.”"

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