The only good news is that suffering carriers like SFL and FRO may finally have affordable entry points with their single-digit P/E ratios. I'll give the market a few more weeks to take them down a bit more. The ocean-going shipping industry won't disappear, but size has a lot to do with staying power for those carriers that will survive.
Full disclosure: No positions in shipping stocks at this time. I may open long positions in SFL and/or FRO in the near future.