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Genco Shipping & Trading Ltd. Message Board

  • end2war end2war May 18, 2012 10:06 AM Flag

    Significant buying of Second-hand vessels shows continuing faith in recovering markets

    Ship owners should know an opportunity... why is their strong buying if there are too many ships...you don't average your price down if that means you will have idle ships... so they either are going to increase scrapping of old ships or they see a market that soon will come back into a favorable balance...

    http://www.hellenicshippingnews.com/News.aspx?ElementId=c881c11f-f10f-41a7-9b64-a3c312033663

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    • Everybody thinks they will be the survivor and other ones won't. If such a blind optimism doesn't become desperation, probably there has more difficult time ahead.Shippers not like housing, banks are much less motivated to foreclosing them, there looks like no quick cure now.

    • So they know what they are doing NOW, but they didn't have a CLUE four years ago and again in 2010 when they CAUSED this glut?

      LOL! Maybe they read my posts and got some restraint.

      • 1 Reply to audiophul
      • Audio--it is foolish to say they "caused" the glut... the markets allocate the resources by creating profit opportunities... the participants attempt to capitalize on those opportunities... the same forces are at work right now...market forces that will bring the supply and demand into balance... and in this industry, with long new ship building times, it will tend to swing back towards boom, because the curtailing of new builds will eventually -- after scrapping and demand increases -- allow rates to move back up off these historic lows... the stock market, however, is putting a great deal of pressure on GNK and other shippers and it does not seem that there is any daylight in sight right now...I think the turn is happening even as the stocks are falling...lol

        It is pretty hard to find a worse chart than GNK...

 
GNK
1.700.00(0.00%)Apr 21 4:07 PMEDT

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