Going Out On a Limb

We have been reading the recent research reports by the sector’s analysts all of which are, as usual, excellent. There is insightful commentary about how we got here and prognoses on the future. Nevertheless, the multiple headwinds of a banking crisis, a commodity collapse, a recession, the collapse in demand from China and the newbuilding orderbook have combined to tank shipping shares. And, although almost all the analysts have put the proverbial “holds” on these shares, the general consensus is that the shares were oversold and therefore they now have higher price targets attached to them. This of course presumes that any investor interest remains in these shares. Or, as a friend recalled at our N.Y. conference, there is the possibility that investors have moved on never to be seen

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