It is unlikely therefore that many naval architects would have predicted that their very large crude carrier designs would one day be mistaken for a storage tank, or that pure car/truck carrier would transform overnight into car parks and box ships become cheap warehouses.

And yet in these topsy-turvy economic conditions we are through the looking glass in terms of what a ship can profitably used for.

Considering there is over 800,000 teu of redundant boxship tonnage currently doing nothing, it is hardly surprising that people are considering using them as storage rather than paying port fees. Nor is it illogical that car manufacturers are using ships to stockpile excess vehicles because ports’ parking areas have become overwhelmed by the build-up of unsold vehicles.

The unpalatable truth was perhaps best voiced by the presumably now unemployed Senator Lines insider who last week told Lloyd’s List that “rates are so low that you cannot make money”.

With all trades now under severe pressure and rock-bottom freight rates spreading throughout the industry, the demise of Senator is unlikely to be the last casualty we see.

While acting as a temporary storage solution to someone else’s problem is hardly the most dignified way to sit out the economic storm, using vessels to save money is perhaps the least worst option currently available for many.