Commodity carriers will collapse in 6 months according to Fearnley Fonds ASA.
We will see a significant number of bankruptcies, that's for sure", given rental rates forecast by freight derivatives.
Industrial Carriers Inc, a Ukrainian operator of about 55 vessels, filed for bankruptcy protection last week.
Shipping rates have also been hurt by frozen credit markets.
And a reduction in banks' willingness to provide the letters of credit that traders use to fund purchases of cargoes.
Rental rates have slumped to less than US$10,000 a day (the market's peak may now be losing about US$140,000 a day)
To make matters WORSE:
In his testimony before Congress yesterday, former Fed Chairman Greenspan confessed that this financial crisis may be the worst in 100 years. If that's the case, then it's not beyond the realm of reason to anticipate a stock market decline that's also among the worst in 100 years.
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