After 2008, the slow growth of global
demand for goods on one hand, and a new supply of
vessels entering the market on the other, sent charter
rates plummeting in most markets. As a result, ship
values also collapsed, causing the shipping industry to
struggle with losses, loans defaults and bankruptcies.
Added to this was the need to find financing for
newbuild vessels under yard contracts that could not
be assigned or cancelled (Maritime Briefing, 2013).