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TABLE OF CONTENT
EXECUTIVE SUMMARY, 1
OUR APPROACH TO SHIP VALUES, 3
SHIP BUILDING, 4
CRUDE TANKER, 11
CONTAINER, 20
DRY BULK, 31
GLOSSARY, 43
Executive Summary
This report reviews the centra l developments in shipping
markets in the period from August 2008 to April 2009 for the
main shipping segments and in dicates possible future market
directions.
World Demand Indicators
In August 2008, when we last published our Shipping Market
Review, macroeconomic decoupling and credit contraction were
the predominating topics for the world economic outlook. Since
then, it has become clear that th ere exists no such thing as a
decoupled world economy. China, for example, cannot generate
9% GDP growth without its primary trading partners. Thus, an
economic slowdown spreads like ripples in a pond. Ultimately
economic growth comes down to consumption and savings. We
identify five major channels impacting seaborne trade in 2009.
1. Consumer wealth destroyed by lower asset values
The international financial crisis and the related decline in world
d e m a n d h a v e p r o v o k e d a d r o p i n v a l u e s i n m o s t m a j o r a s s e t
classes.