According to a report in the Economic Times, the flurry of ships needed before the games has now slowed down and freight prices are falling accordingly.

For instance, China had been stockpiling diesel and crude oil ahead of the games to ensure uninterrupted supplies.

But now that the games are underway the demand for tankers is expected to drop 40pc, the Economic Times reports.

And to keep air quality cleaner, Chinese factories have been shut down and do not need the huge volumes of raw materials brought in, or the ship-loads of finished goods to move out.

China is also forecasting a record soybean crop, which will cut down the need to ship soybeans from South America or the United States.

China's huge appetite for metals and ores is also simmering as the "state-sponsored construction boom is over, at least for now", the paper reports.

The Economic Times says panamaxes that were running at $US66,000/day at the end of July are now at $US58,000.

"Industry watchers say freight rates are tumbling also because of the general correction in global commodity prices," the paper states.