A number of years ago, the maritime industry reduced prices by opting out for foreign third world crews and re-registering ships. At the same time bigger ships were built, so as to carry extra capacity,
Stating that 99% reduction in prices seems a little over the top, and if that figure is anywhere near, then its the hiring 'middlemen' who are working from small offices with virtually no staff, who will be suffering the most.
Only recently a well known old established sea container supplier was filing for bankruptcy. so things must be in recession.