Most major countries are already out of recession, or will be once data is in for the next quarter. But never mind the macroeconomics, look at the microclimate. Shipping is beset by below break even freight rates, low demand and excess supply, which will be exacerbated as new vessels pour off the slipways.

So far, Britannia Bulk and Eastwind have been the major casualties, while Zim, Hapag-Lloyd, Maruba and even the mighty Maersk have clearly been in the wars. Our prediction is that there is more to come, with the way now wide open for consolidation.

We are humble journalists, not accountants. But even we can predict that the vast majority of operators will show asset impairment when the numbers are published. Put simply, the balance sheet values of vessels at the end of the current fiscal year will be well down on what they were at the beginning.

Predators with access either to a war chest accrued during the glory years, cheap money from commercial sources, or perhaps even state support, will surely spot some cash-strapped bargains. Berlian Laju’s move on Eitzen was perhaps the first deal of its kind. It may not be the last.