Credit Crisis - Three Questions We Need to Answer

摘要

The credit crisis has got everyone asking questions. For example "what's the capital of Iceland?" The answer is "today, about 5.00 dollars". Or "What's the difference between a banker and a London pigeon?" "The pigeon can still put down a deposit on a Porsche". But so far this gallows humour does not apply to shipping because 2008 was a record year. Although in the closing months of 2008 sentiment and some rates collapsed, taken as a whole it was an extraordinarily successful year. In financial terms, shipowners in the tanker and bulk carrier markets took home more money than ever before. To prove the point we analysed 12-month average earnings for crude tankers and bulkers since January 2000 (see Graph of the Week).