Remember the financial crisis was a generational event. All shipping stopped cold, except for vessels on charter, or company owned ships. The BDI had gone to insane levels, which was a bubble just like home prices. Then the fall was so far and so hard. Then overhang from all the bloated new vessel order book is still getting worked out.
FWIW, every time I've seen Angeliki F talk on video about it, she always says (and so do the company quarterly powerpoint presentations) that a large percent of the new vessel orders will not materialize. So she concludes that the order book overhang is overstated.
We shall see. She is a smart cookie, I think, and much smarter than me about the industry. I am hoping she is wise enough to keep shareholder value in the front of her concerns, and she owns enough stock for that to be true.
This has to be a record. Have never seen a sector perform so bad for so long. This has to be one for the BOOKS. Too much money invested but after almost 3 years where the HELL would I put it now and if I did NM would sky foreward. Please do not say what I think you will say.