Taipei: The shipowner who once controlled about 15 per cent of global trading in shipping futures has pulled out of the market to concentrate on building up his physical fleet, reports the Financial Times
In a Financial Times interview, printed yesterday Nobu Su said TMT, the privately-held company he owns, believed the shipping futures market was "finished".
"We didn't trade anything for the last year," he said. "Basically, this time the world has gone back to the real economy, not paper economics. People must go into real business and we're doing it."
TMT had closed most of the positions it kept open during last autumn's shipping market crash, when it is thought to have made significant profits from correctly betting that earnings of dry bulk ships would fall and rates for tankers would hold steady. [1/4/09]
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