The Anatomy of Success

By Matt McCleery

Looking over the list of Rankings winners for 2005 presented in Figure One, one thing is perfectly clear: the dry bulk business was the place to be in 2004.

Of the ten highest scoring companies, an overwhelming number trade dry. But to say that alone would not be completely fair to what was another staggeringly good year of overall performance by the international shipping industry. Crude tankers, product tankers, proximity to China, old ships and new ships all contributed to the mix. With the benefit of 20/20 hindsight, it doesn’t take a rocket scientist to know shipping in general was the place to be for public equity punters in 2004.

But the confluence of market forces which delivered the perfect storm of economic, trade and commodity opportunities in 2004 takes nothing at all away from the magnificent performance of our Rankings winners – companies that went above and beyond the still impressive returns of many of their peers.

We celebrate with everyone the terrific results. We applaud the equity market makers for their investment in our shipping business. We note with confidence good signs for the future, demonstrated by the motivated attitude well-evidenced by what one public company Chairman said to us when told his company did well in our Rankings, “Why should I be excited by placing anything other than first?”

This is only an excerpt of The Anatomy of Success

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