Another Storm Brews in High Yield

While most of November brought a distinct calm in the high yield bond markets for shipping issues, it may have been an eerie lull on the leading edge of a another storm. Although for a while it appeared that initial anxiety about plunging prices seemed to have given way to the sentiment that we have hit the bottom and patience and curiosity had eclipsed raw frustration, at press time the bottom has fallen out from under Ermis and Alpha which are trading in the 20s.

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