The 2008 Global Credit Crisis – Is shipping likely to revert to the 1980’s model?

On November 13th more than one hundred and fifty shipping practitioners, bankers and investors listened to an all-star cast of current and former ship owners, brokers, shippers, maritime arbitrators and maritime attorneys at a CMA luncheon in Stamford, CT.

Moderator Ray Burke of Burke & Parsons, introduced the first speaker, John Bamford, Senior broker at Simpson Spence & Young (USA) who summarized the present situation as: “We are in a state of temporary chaos.” Today’s time charter rates for dry cargo vessels could double and still be 50% of what owners need to make profits again. He suggested that even after the rates start moving it could take 12-18 months longer to bring the supply/demand picture into some semblance of neutrality. On a more hopeful note, he suggested that

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