Yes, This Time it is Different

By Randee Day, Managing Director, Seabury Group

When I was first asked several months ago to write an article for the “Survival Edition” of Marine Money, an ominous storm was brewing over the horizon of the global shipping market. There was concern over frozen public equity and debt markets, increasing illiquidity within the international banking system, and a precipitous plummet in the Dry Baltic index. The rapid collapse of the global financial markets, and in-particular key measures of the health of the maritime community, led many to wrongly assume that the decline would be short lived–after all, Chinese growth was there to save us.

Yet that storm, which represented decades of monetary inflation, finally arrived and with it has arrived a torrent of calamities that will

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