Once again we witnessed yet another fall of the BDI, this time losing six points and clocking 363; that’s a real crush given what has happened over the last two years*.- Even if the markets rebound back and reach 2, 000, 3, 000 or even 6, 000 points the damage has been completed.-
Despite the “hope” that yesterday’s Capes lost just a point and there was some optimism, today they crashed at 185, that’s minus 12! The Panamaxes and the respective BPI lost another six standing at 369; 381 for the Supras, that’s down seven and the handies losing three bringing the BHSI at 240!
The last published BDTI and BCTI were also down at 882 and 702 respectively losing 15 and five points today!
The oil prices also on a downfall.
The market bubble burst’s with incalculable financial and social repercussions given the world’s worse economic climate and uncertainty over geopolitical issues. To put is simple: “A day of reckoning”.
The listed companies also face issues which one way or another must be timely resolved. This is the state of the market for the majority of shipowners. Very few will go ahead and indeed we believe and repeat that this is the best market to go on and built low priced tonnage of any kind.
Having said the above and also being at the forefront of constructive criticism long before the euphoria of 2005-2009, we must see all those who created this state of affairs in the markets give explanations to all those who entrusted them their savings and same are now evaporated. It has nothing to do with geopolitics, nothing to do with overcapacity; it was a scam, that’s why recently we mentioned that “…somebody called a fast one on you”. Wonder were the gurus are hiding… Having attended over 300 conferences and another 200 related events on issues directly involving the shipping markets (ship finance, shipbuilding, legal ones, environmental ones with double eco ships and all that jazz) I can assure you it was an accident waiting to happen. We have well in advance warned all concerned of today’s situation!
I have to be cruel to be kind!
*the start of 2014 was the worse for nearly thirty years!