The global shipping market is on its knees, with the exception of the tanker sector. Bulk carriers are at the bottom of their traditional seven-year cycle, with earnings below operating costs being a constant worry for owners. Tankers are at the top of their cycle and can make profit but oversupply is just round the corner. The S&P market is suffering as a result of these significant shifts in the market. Unprofitable bulkers are being traded for very little and tankers on the secondhand market are being snapped up. Many bulker sales are the result of shippers streamlining their fleets to increase profitability, or because of distressed asset dumping.