Note: This is an abridged version of a 24-page report originally published on Value Investor's Edge.
Overview
Maritime trade is thousands of years old, so it's no surprise to see studies showing detailed records of market conditions going back hundreds of years, demonstrating the cyclicality of the shipping industry.
However, this cyclicality is often lost on investors who are somehow conditioned to believe that current conditions reflect the future of the trade. They do not. What the current condition represents is simply like the position of a cork afloat at sea, bobbing up and