2003

The shipping year 2003 ended in a very upbeat mood. The dry bulk market ended with record-high rates and also the very volatile tanker market ended at peak levels, following three deep dives for large tanker rates since May. VLCC rates rose to WS 160 in December, after hovering in the high WS 40s in mid October. Some other vessel types also saw very good market conditions, but gas and offshore did not participate much in the party.