2009 One Heck of a Year According to Marine Money’s Crystal Ball

Now that it is over we can look back with satisfaction that we survived. More than that, as an industry, we hung together in a way of which we should feel proud. Sure, values collapsed, negotiations were difficult with lenders, charterers, trade creditors and our regulators but, the fact is, we made it. Well, most of us did.

We can pause just for a moment to remember the fortunes of those no longer with us but, if we are honest, we probably knew they were getting into trouble even before the collapsed. Older tonnage, easy credit, over-reliance on “first class” charterers, a breakdown here, an over-exuberant order there, but that is water under the bridge, a lesson for the next cycle. Yes, today we acknowledge the cyclicality of the

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