2010 – DIVERGING FORTUNES

In 2008, the first year of the financial and shipping crisis, shipping company profitability held up better than shareholder returns. In contrast, 2009 saw improved shareholder returns, while shipping profitability fell. 2010 was a year of both positive shareholder returns, but at a lower rate than 2009, and improved profitability. 2010 was also a year in which the profitability and returns varied greatly by sector in which some of the winners in 2009 became the laggards in 2010 and some of the laggards became winners.

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