Little more than 12 months ago newbuilding prices had been drifting down steadily for more than a year and some industry analysts were warning that soft ship prices could be here for some time. Simultaneously, the closure of some yards were more than offset by the opening of new ones, particularly in China, while improvements in productivity were constantly adding capacity. Some brokers and industry analysts were warning of surplus capacity, not just in containerships, but in the Aframax, Suezmax and 45,000 dwt products carrier range. What a difference a year makes. Today the picture is radically different. The container, tanker and bulk carrier markets are all buzzing, with certain sectors of the dry bulk market reaching record levels, beyond most owners' wildest dreams.