I do not know all the answers but I do know some. 1) This industry is cyclical and earnings can go to the extremes but the individual company may vary based on hedges. See OMM and what you will notice is that they consistently made money but some years there profits were squeezed but the average for the last few years is still high. 2) Yields seem to be dependent on where the shipping company is based. Those such as OMM and GMR based in the USA pay lower dividends than those with different accounting practices. 3) We are in a bull market. Why? Because of the new IPO's and high spot market rates but they have come down some.