The objectives of many investors in the publicly quoted companies were to chase short-term gains in ship values while cutting costs in all directions

Excess ship supply and declining values, combined with a lack of funding, provide a gloomy outlook

A closer relationship between shipowners and cargo interests is essential

Shipping companies have grossly over-ordered new ships that have been delivered into a stagnant global economy that has continued to decline

It is now clear that the demands for shipping services are way below the availability of the fleets of existing ships in most sectors

The excess capacity of ships in most sectors comes from reckless disregard of economic fundamentals