And Now a Short Word for our Private Investor Readers

We know many of you have shipping well figured out. In fact some of you flat out skinned some of the industry’s high yield participants in the early part of 2000 conducting workouts as slickly as some of us brush our hair. And of course the oldest among us remember Jim Tisch, whose family private equity made a killing in the VLCC market, telling an Intertanko gathering in New York all the way back in the late eighties that shipping is really simple: “one buys fabricated steel at scrap value and watches it appreciate.” Galling I am sure to the many tanker owners who had just survived 10 of the toughest years ever.

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