Confidence stems from rebounding indices. The shipping market went through its darkest period starting from October 2008. In 2009, the vast majority of the world’s top‑20 shipping companies fell into losses.

First of all, cash flows of major shipowners have been greatly restored. Following the roll‑out of global quantitative‑easing policies at the end of 2009, the global economy and trade rebounded substantially in 2010, and the shipping industry gradually recovered as well. According to Suzhou Cosc Marine Machinery, major shipowners achieved significant improvements in their financial positions, resulting in robust cash flows. By September 2010, net profits of some large shipping companies had offset two‑thirds of their 2009 losses. By the end of 2010, shipowners’ conditions appeared to improve further, especially for large‑scale shipowners.

Secondly, large‑sized enterprises had access to far more capital than their capital requirements, while small‑ and medium‑sized enterprises generally struggled to secure financing. Banks still favoured large shipowners out of risk‑control considerations. Suzhou Cosc Marine Machinery points out that after the onset of the European sovereign‑debt crisis in 2011, major shipowners made remarkable market forays from the second half of 2013 through 2014. During this period, signals of recovery emerged in the global economy and shipping sector, and the BDI index reflecting shipping‑market performance staged a notable rebound.

Most notably, on the earnings front, the global shipping industry reversed the industry‑wide losses recorded in 2012 from the fourth quarter of 2013 to 2014. Maersk Line posted a profit of USD 2.3 billion in 2014. COSCO Group turned around losses to register net profits of approximately RMB 1.05 billion and RMB 200 million respectively in 2014. Suzhou Cosc Marine Machinery holds that the large‑scale market entry by major shipowners in 2014 was inextricably linked to improved financial conditions.