FWIW, I recently spoke to someone I know who works for TK, and she said they are cutting back. She didn't get into specifics, but it sounded fairly serious. Whether this applies to other shippers I have no idea, but one look at TK's chart tells a story - from a high of 60 to a recent low around 11. Currently 16.80, so maybe this is the bottom? Pretty tough waters to fish in though - shipping is very capital intensive and finance plays a big role.

ebear