Shipping markets need to hurt longer because there is still plenty of room to weed out bad or weak market players, said Guy Campbell, chairman of the Baltic Exchange.
“We welcome destruction in this market... we need more destruction to flush out the bad counterparties, to flush out the overcapacity,” Campbell told the TradeWinds Shipowners Forum in Athens.
Campbell said he was making these statements as head of China Navigation’s London drybulk operation.
“I’m staggered there have not been more bankruptcies," he added.
Speaking in his capacity as Baltic Exchange chairman, Campbell defended the controversial decision to sell the organisation to the Singapore Exchange.
“The important thing is transparency in the market and one benchmark, one forward curve,” he said.
“This is an opportunity for members, for the market place, panelists, for the maritime services sector as a whole.”
