It is starting to see parallels between the renewed contracting at the start of 2013 and the actions of owners back in 1981.

Bjorn Kristian Roed, an analyst at Danske Bank, says the current situation looks “mysteriously similar” to the 1981 low cycle when fuel efficient vessels, excess yard capacity, attractive payment programmes, and a favourable Japanese yen tempted owners to reach for their cheque books.

“In the 1980s, the aggressive ordering due to these factors only postponed the recovery and history could repeat itself if shipowners do not slow down their recent eagerness to order new tonnage,” he said in his first quarter earnings update.