Clarkson, the valuer who didn't believe his own valuation

On the face value of it, this already seems strange, the vessels were bought and ordered during economic boom times and at the writing of the circular a large recession was raging. Also, most acquisitions were done only about one year ago.

Clarkson explicitly wrote the following in the circular (dated November 25, 2008):

But what is the use of a valuation…