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There is no such thing as long-term shipping for Greek ship-owners now. The Chinese are preparing to squeeze them out and they really know it. So they are going for the short-term bonanza to move to some new business.That's part of what is currently happening in Greece behind the screens.

"Eurozone leaders have turned a 50bn Greek solvency problem into a 1,000bn existential crisis for the European Union." David Miliband
by Kostis Papadimitriou on Sat Jun 16th, 2012 at 11:38:01 AM EST
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Furthermore, shipping rates are very, very weak, at least tanker rates. Many companies have lost 80% or more of their market values in the last year alone. Even the ones who have strong balance sheets and lots of long-term fixed-price contracts are down about a third (to my sorrow, as I have a small (now even smaller :p ) position in one of them).

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Sun Jun 17th, 2012 at 05:21:55 AM EST
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