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It is no secret that shipping stocks have been horrible performers of late. In fact, they have made the dismal performance seen at some trucking companies look like trucking was a blue chip sector.
A recent industry contact told us just how bad the shipping business has gotten. A ship leased in May for a China departure was leased at more than 10-times the day rate that the same ship leased for in mid-October. His comment was that it felt as though China was going to return to farming rather than building infrastructure and manufacturing facilities.
