Exactly — the charter exposure is the real pressure point.
With ~37% chartered, flexibility vanishes just when discipline is required. That’s how downturns turn brutal. 2008–09 is a fair comparison — only this time coordination delays the shock, it doesn’t avoid it.
If exits aren’t phased, volume guarantees become accelerators, not shields.
Exactly — the charter exposure is the real pressure point.
With ~37% chartered, flexibility vanishes just when discipline is required. That’s how downturns turn brutal. 2008–09 is a fair comparison — only this time coordination delays the shock, it doesn’t avoid it.
If exits aren’t phased, volume guarantees become accelerators, not shields.