Fig. 3 reveals a number of apparent inconsistencies: (a) rates to
China, Korea, Japan and Singapore are negative; (b) rates to East
Asia and South Asia are much lower than many closer markets;
(c) rates to the eastern Mediterranean are high, despite the proximity;
(d) East Africa rates are the highest, despite the market
being closer than Australia; and, (e) that rates to West Coast South
America (WCSA) are nearly double those to the East Coast South
America (ECSA).