Looking out across the world of shipping, some people may be tempted to think that today’s crisis is largely, if not all, of its own making.
Deliveries of new bulk carriers ordered by over-ambitious owners continue to tumble out of shipyards faster than the already over-tonnaged trades can absorb them. Containerships built to take goods to consumers’ doors are being chartered at rates that spiral down, and are being scrapped at ever-lower ages.
Crude
