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...