the key takeaway from their earnings is that they expect significant improvements in spot rates due in part to the supply of ships being less than demand, which is growing a lot.
kem - what is your target on DRYS? did you see the investor presentation by NMM on dry bulk? pretty positive when you think of 2.5 billion people from india and china consuming grains/iron ore/coal.
The only issue I have with this argument is the shipping companies and banks don't want to go through the same mess they just got out of so my belief is you won't see a spike in supply for many, many years. That should support prices for a lot longer than the consensus 2 years.