Horrible. Almost 1,200 ships being delivered this year and next year's orders are nearing another 400 already. All the ships that have been delivered in the last few years will be around for a long time. I don't see how this industry can have any meaningful rebound anytime soon.
I am so glad I am not short and trying to put a spin on this. This company is not like most others as it is well managed and well positioned. There are a lot of restaurants out there and not all are doing well, some are doing very well. See what I mean?
You may want to read the REUTERS report By Balazs Koranyi
OSLO, March 6 Wed Mar 6, 2013 9:26am EST
(Reuters) - New ship deliveries in the depressed dry bulk market will be below expectations this year and vessel scrapping will remain high, providing the sector some relief, shipping executives said on Wednesday.
Exactly. Navios always provides a powerpoint presentation when they announce earnings, and it always shows that the actual new vessels delivered is usually about 40% below estimates and orders. So I doubt there will be actually 1000 dry ships deliverd in 2013, even tho they are being delivered at that run rate in the beginning of the year.