I have neglected this sector, thus I am extremely late to the party. Nonetheless, shipping is looking like it may well be encountering a little strife.

In addition to the slowing global economy, that is obviously having an effect on shipping volumes and shipping rates, recently [last couple of years] there has been a huge expansion in the volume of ships built and delivered. Simply another example of oversupply [ships] into slowing or contracting demand [commodity demand]

An examination of China and its economy would clarify the current situation. If China is slowing, which it is, then as one of the largest importers/exporters you would expect demand for shipping would start to fall.

With the US, Europe in recession, China will be taking a pretty big hit to exports, who else, after all, are they going to sell to?