More than “Stayin’ Alive” – “Restructuring” Award

This time around it wasn’t so much over-leveraging but over-ordering, which has kept this category around for another year. Nevertheless, the story is much the same. Booming markets driven by the Chinese growth story and a suspension of belief in cyclicality led to what, with poetic license, we may term the order book from hell. With few exceptions, ship owners, as the markets boomed, ordered every type and every size vessel. Fleet growth was nearly exponential with the portion of newbuildings not only exceeding the portion of the fleet 20 years and older, but becoming a substantial portion of the entire existing fleet.

This is only an excerpt of More than “Stayin’ Alive” – “Restructuring” Award

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.