2008-2009

The boom of the early years of the 2000's continued and resulted in huge investments in shipping - the orderbook of newbuildings saw unprecedented growth. But the collapse of Lehman Brothers and collapse of the global credit market at the end of 2008, brought global bulk shipping almost to a standstill. Both the physical and the FFA markets - which at this points was largely uncleared - suffered many contractual breaches. Never before had the Baltic Code been more significant in that members are required to meet their obligations.