In the "Hitchhikers Guide to the Galaxy", a kind of rough guide to inter-galactic travel there is a phrase which, according to some, is the best piece of advice that could be given to humanity. Printed on the cover of the guide "in large friendly letters" is the phrase "DON'T PANIC". The guide may not say much about shipping but its cover message does have a relevance to today's bulk markets. The investment boom of the past few years has been carried out at ever rising asset values and now earnings have fallen off a cliff. Over the past six weeks average dry- bulk earnings have decreased by two thirds and they are less than one fifth of their value at end-May. The financial fallout could certainly make some owners panicky.
展开▼
