Is there a shadow over the shipping market?

FREIGHT rate levels are one good indicator of the state of the shipping market. As this column noted a few weeks ago, for much of the industry, rates have been at least good, and in the case of container ships almost unbelievably high.

Another indicator of the state of shipping, and especially of sentiment among its decision makers, is the sale and purchase (S&P) market - how much vessels are worth when sold for further trading, or indeed for scrap.

In September, I looked at a report on the S&P market which showed an remarkably buoyant picture, based on half-year figures.