Distressed Asset Investor Wilbur Ross Thinks the Shipping Industry Is Within Months of Bottoming
It takes stomach to buy what everyone else hates, it takes discipline to sit on cash and wait for distressed situations to emerge and it takes patience to wait for those distressed investments to turn around.
Right now the shipping industry is the distressed area where Ross is focused. He thinks the industry is within months of bottoming out and sees better things for 2014.
The shipping industry got itself into trouble when it built too many vessels prior to the financial crisis when charter rates were at their peak. The turnaround for the industry is going to occur when older vessels are scrapped and supply and demand come more in line.
In the interview below Ross delves into his move into shipping in more detail: