It’s not the first time Andrian “Andy” Dacy has cited a need for caution in assessing shipping markets.

Only last June, the chief executive of JP Morgan Asset Management’s Global Transportation Group told TradeWinds: “We’re exercising more caution.”

But the banker-turned-shipowner seems to have taken that sentiment to a different level in his latest discussion on the markets.

To concern over the Ukraine war last summer, Dacy has added worries about a global banking scare, rising interest rates, the prospects of recession and continued uncertainty over future vessel propulsion systems amid carbon-reduction efforts.