A quick comparison of the market caps of some 130 publicly traded shipping companies in December 2007 versus last week 2011, made us pause. If as many S&P sorts say over a cocktail asset values have dropped 70% from their highs then the overall fall in the industry’s market cap (2007: $320,743,932,619 versus 2011: $224,285,753,201) should be some surprise. Not that a fall of 30% is any cause for celebration.
This is only an excerpt of Equity Erosion, less than might be thought
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