Likely providing a downer just as Posidonia festivities get underway in Greece, shipping shares took a battering in New York on Wednesday.
Shipping shares were down on the day by about 1.7%. Among the biggest losers was Navios Maritime Holdings, off about 4.5% and shares of Safe Bulkers off about 4.4% on the day.
“A lot of money is being withdrawn,” Paul Slater, veteran ship financier and chairman of Florida-based First International Corp, told Splash. “Analysts are finally realising that many of the ship values are way below the NAV of their owners who are going to have to sell ships that are not earning enough to cover all operating expenses and cannot serve their debt. Several thousand ships are already laid up but with no likelihood of any market recovery this decade selling is the only option,” he added.