the most amazing drop due to the credit crunch and financing. Many shippers cannot afford the debt payments on the books at this price. Truly a disastrous look into our economic future.
Hey at least we can use the unused shipping containers for housing! Bob Villa did a show on it.
Last edited by Sandra; 11-05-2008 at 07:38 AM.
Hell, we could buy all the boats, strap them together, and build our own island nation!
I've always wanted to do something like that, and now we finally have a chance.
I hope you have plenty saved up to buy them... chances are you can't get a credit line to finance the purchase!Originally Posted by tmosley
Lead, follow, or get the hell out of the way!
The 10th BDI "BALTIC" post in recent times...
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Wait a few more weeks and they'll be 20 for a dollar.
Or at least, 20 for an oz of silver
Yeah, well, it's important, because we manufacture next to nothing here in the USA. If the ships aren't moving, then once the current inventory is gone, THEN WHAT?
Check this out:
http://www.businessspectator.com.au/...cument&src=kgb
Here's an interesting snip from the article:
The spot daily rental for a Capesize ship is now $6365, down from $234,000 per day over the space of a few weeks. Maybe that previous price was absurdly inflated, but at $6365 it is just $365 above the average daily cost of crews and fuel.
As a result the world’s ports are filling with empty ships because shipowners can’t afford to run them, as well as some full ships because the owners of the cargo won’t unload without a bank letter of credit, which banks are refusing to supply.
Shipping companies are starting to file for bankruptcy in increasing numbers as they breach loan covenants, and a shipping researcher, Andreas Vergottis of Tufton Oceanic has told Bloomberg that a fifth of the world’s dry bulk companies may soon have negative net worth because the market for second hand ships has collapsed and the value of their fleets is below outstanding debt.
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