In its Shipping Outlook 2017, Drewry Maritime Financial Research benchmarks its shipping investments thesis against “Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15”, by Edward Chancellor. In a fascinating account, Edward Chancellor covers the “Capital Cycle”, predicated on investment strategies employed at Marathon Asset Management. In this year’s market outlook we identify key tenets under the “Capital Cycle” investing approach; having used this framework in our assessments of the key sectors of the shipping market in recent years we continue to use it as the basis of our future recommendations. Rahul Kapoor, Head of Drewry Financial Research Services Ltd said, "Most investors base their decisions focussing on demand forecasting rather than supply.