Reflections on a year just past

2010 was, perhaps, not a vintage year for shipping, although it might have been a good deal worse. The great engine-room of China continued to drive away, filling outbound containerships
and inbound bulkers, while cold weather promoted the employment of tankers. Cost cutting paid dividends, sometimes literally. Some nifty footwork by owners managed to postpone, convert or even cancel orders which had been issued in the heady days before the crash. We are not out of the economic woods yet, by a long chalk, but once again, the flexibility and good management of shipping people has contributed to some sort of modest recovery. Freight rates for most sectors reflect the overhang of tonnage, and point to the need for some brisk recycling in the short term.
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Source: Bimco