Although passenger volumes appear to have bottomed out and freight recently recorded a small increase, IATA's boss, Giovanni Bisignani, fears that the worst is yet to come and that once the summer holidays are over the crisis will intensify.

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The Paradigm Signature SUB 25 looked small enough in the back of the freight truck, but by the time it was at our front door, all 150-pounds of it seemed appropriately intimidating.

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Since it takes two years to build a container ship, freight capacity is inflexible, so small changes in demand can cause marked changes in price.

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Manufacturers of small high-tech electronics goods, where freight costs account for a tiny fraction of the retail price, may not be that bothered about hedging freight rates.

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Air shipping typically costs two to five times more than ocean freight, but prices are more reasonable for small devices like iPhones and iPods than, say, flat-screen TVs.

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