Like DRYS, I believe your right. But I think the bigger problem in shipping is the fact you are always behind the 8 ball.{hopefully not the drug one.] I mean when the sector is not making enough, you have a situation were you have to pay the debt, on a ship,[liability] plus your fixed costs. Not easy if rates are not high.
If these ships were like real estate, we wouldn't be here imo. Tough business when, and I don't know how, keep building and selling ships. Why would anyone want to be in this business in the last 10-12 years. At this point, the more ships you have, the more you lose. You can't make that up on volume. The industry needs a cartel. Or at least bigger ships to compete. GLTA.
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