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Shipping kingpins hedge their bets moving ahead without any direction

Time：2017-01-12 Browse：119 Author：RISINGSUN

LAST year`s edition of the Lloyd`s List Top 100 argued that it would be exogenous events, not self-inflicted folly, that would drive industry fortunes in 2016. By and large, we have been proved right.

Certainly the seeds of our misfortune ?and many of the year`s headline events ?can be traced back to irresponsible decisions that lead to overcapacity, reports Lloyd`s List.

But in reviewing the actions of our industry kingpins over the past 12 months, it seems events are happening to them, rather than as a result of strategic moves or proactive decisions. Right now, it feels like the industry is collectively playing defensive moves in reaction to forces outside of its control.

Consolidation is certainly happening, albeit reluctantly in many cases. Cost cutting continues, scrapping is soaring and prudence permeates every part of the industry. The macro picture is riddled with risk and shipping is playing for flexibility in the absence of any clear direction forward.