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Is it true that this is the first time dry bulk carriers have been taken out of the market since the start of the global recession in late 2008
One year ago the dry bulk orderbook stood at 276 million DWT – today it totals at 277 million DWT. As if the dry bulk orderbook wasn’t large enough back then
This recession was caused by a financial crisis, and what we do know about recessions caused by financial crises is that they are followed by very weak recoveries.
Achieving a “strong, balanced, and sustained world recovery” - requires two fundamental and difficult economic rebalancing acts according to IMF. First, internal rebalancing: When private demand collapsed, fiscal stimulus helped alleviate the fall in output. But fiscal stimulus has to eventually give way to fiscal consolidation, and private demand must be strong enough to take the lead and sustain growth.
All stakeholders in shipping realize that the business is cyclical, and the most important challenge is to predict the ups and downs and plan accordingly. But few had in their wildest fantasies predicted the financial crisis that hit the world four years ago, and the significant drop in cargo volumes and the major impact this had on all shipping markets.
The demand situation in tanker shipping is anything but formidable. We see a mixed picture from one trading area to the next and from crude oil to products.
If you work a little harder every day and do your work a little better and smarter today than yesterday, you will stand a better chance of running a successful shipping business. Those words of wisdom catch the optimism bubbling at the NAVIGATOR 2011 event in Athens, Greece. A business full of hardship in recent years has only drowned a few of the die-hard optimists within the shipping industry.
Converted Very Large Ore Carriers (VLOC) are increasingly becoming a thing of the past with the long-term freight contracts coming to an end as newer and more reliable ships replace them in the market.
The latest edition of this clause is Ship-to-Ship Transfer Clause for Time Charter Parties 2008.
