Term given to super-sized vessels that are too big to navigate the Suez and Panama canals and therefore have to go round either the Cape of Good Hope or Cape Horn

Dry bulk carriers

A cargo ship that is designed to ship commodities in large quantities which do not need to be packaged. The main cargoes shipped by dry bulk carriers are iron ore, coal, bauxite, phosphate, nitrate and grains such as wheat. A wet bulk carrier is more commonly known as a tanker


An intermediary between two parties in a shipping contract, whether they are shipowners and charterers, or buyers and sellers. Brokers also conduct nearly all second-hand ship purchases

Junk bond markets

High-yield debt by issuers with weak credit ratings which carry a greater risk for investors because they are seen as more likely to default. They became popular in the 1980s, especially in the US, where they were frequently used to fund the craze for private equity buyouts. The market collapsed in 1990 when defaults started to rise