Shipowners, shipyards and bankers got a dressing down from Precious Shipping chief executive Khalid Hashim for their role in creating a perfect storm for the dry cargo market.
Speaking at Nor-Shipping on Wednesday, Hashim argued that the problem with shipping was that everybody plays the "zero sum game", meaning that if "somebody else is winning that means I'm losing".
"When you see someone else running to take a leapfrog step ahead of you, you try and emulate that almost instantly," the executive said.
