Shipowners have seen earnings cut by up to 50% in 2011 but the year could have been much worse, Clarksons says.
Those with cash to splash on new vessels were also disappointed over the past 12 months with prices not dropping far enough for bargain hunters to really set to work, according to the shipbroker.
While a flood of new ships swamped demand growth in 2011 earnings for both VLCCs and capesize bulkers remained well above operating expenses.
Given the poor markets ship prices remained “surprisingly robust” with new tankers and bulker values down by 6% and 15% respectively in 2011, Stopford says.
In the secondhand market a five-year-old VLCC saw its tag drop by 32% to $58m in 2011. A capesize of the same age was 28% cheaper at $36m in December compared with January.